I received my weekly technical report today and there was a view on Lynas. Although I have not always agreed and followed, I have learnt over the years that the target prices are almost always hit.
Technical View
At the recent peak LYC had advanced by 3500% from the 2009 lows.
The stock has since retreated to test the 200DMA and this has resulted in a sustained break below the 13WMA ? for the first time since mid 2010. This suggests that even if the stock can hold above the support of the 200DMA, it could struggle to push significantly higher in the short-to-medium term.
Momentum indicators remain weak and although the stock has fallen by 32% since April there are no concrete signs of reversal at this stage.
LYC, like many other resource stocks, is in the vicinity of a significant support level, which if broken, would put the stock at risk of another sharp decline.
Monitor support ($1.81) and sit on the sidelines for now.
I received my weekly technical report today and there was a view...
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Last
$6.37 |
Change
-0.190(2.90%) |
Mkt cap ! $5.954B | |||
| Open | High | Low | Value | Volume |
| $6.53 | $6.55 | $6.35 | $21.07M | 3.291M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 11945 | $6.36 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.37 | 99 | 1 |
View Market Depth
| Last trade - 16.10pm 08/07/2024 (20 minute delay) ? |
| LYC (ASX) Chart |