LYC put on 1c or +0.38% closing at 2.61.It was quite promising...

LYC put on 1c or +0.38% closing at 2.61.

It was quite promising and gained 3c to 2.63 on open and reached 2.64 by 10:15AM. Only to lose momentum going back to square one at 11:50AM. Buyers gradually came back and sent the SP to a higher peak of 2.66 by 2:30PM with reasonable volume. The day traders moved in with heavy selling in the next hour saw the SP back to 2.60 again. With the VWAP at 2.6243, the bargain hunters scooped up strongly at 2.60 and carried it into the close at 2.61.

Chart features of the day:

• Today's red candle with long wick on top is a weak candle threatening of reversal.
• The candle stayed inside the uptrend channel is a saving grace.
• Peak of 2.66 did break the 61.8% Fibonacci of 2.63 but failed in the end finishing 2c below target. However we are closer to the target!

What's coming:

• In the absence of positive news and Neodymium price flat lining to slightly lower, SP could continue to consolidate and track sideways.
• ST Stochastic still pointing up, LT Stochastic about to cross upwards, MACD and RSI flat, the overall momentum is still slightly positive.
• Weekly LT Stochastic crossed upward, looking at previous 2 crossing up's at this level, both times were just before a strong upswing. (26-Feb-2018 and 13-May-2019)

DYOR. Happy Trading!