Another beautiful days for LYC to close 6c up or 2.36%.
As suggested in my post yesterday "Do expert a good day tomorrow as some short covering would increase the demands on the buy side." It was on cue with buyers (and short coverings) piling into the stock, generating 497% of the average volume in the 1st 30 minutes. 1.348M shares changed hand in that time with an average of 271K.
At 10:44AM, it made a high of 2.59, that gave rise to 3 "touch points" needed to plot an intraday uptrend (blue lines). Then the SP just respected this channel with the high of 2.61 at 2:45PM stopping exactly where it touched the upper channel. By 3PM the day traders started to sell and close their positions, bagging 2%+ profit and headed to the pub!
On the daily chart, the SP is in an ascending triangle with the purple channel providing support. The bulls and the bears are doing a tug of war trying to break above the 61.8% Fibonacci level.
Tomorrow and next week:
- Friday is generally a down day.
- LYC has bounced up from 2.20 or 18% in 19 days (nearly 3 trading weeks), do expect a bit of profit taking in the 4th week while the SP is consolidating inside the ascending triangle with a range of 2.55 - 2.63.
- The main trend is still up.
Happy trading but DYOR.![]()
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Last
$6.06 |
Change
0.140(2.36%) |
Mkt cap ! $5.664B |
Open | High | Low | Value | Volume |
$6.02 | $6.12 | $5.97 | $11.52M | 1.904M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 12791 | $6.04 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.07 | 13019 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 14538 | 6.000 |
2 | 134 | 5.960 |
1 | 100 | 5.920 |
2 | 10167 | 5.900 |
2 | 10033 | 5.890 |
Price($) | Vol. | No. |
---|---|---|
6.070 | 3000 | 1 |
6.100 | 7705 | 1 |
6.110 | 3000 | 1 |
6.120 | 7365 | 4 |
6.130 | 3000 | 1 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
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LYC (ASX) Chart |