LYC.AX dominated by bulls lifting the market higher throughout the day


Lynas Corporation (LYC.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
LYC.AX dominated by bulls lifting the market higher throughout the day
LYC.AX ends the day on a bullish note closing near the high of the day
LYC.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

LYC.AX ended the week -1.41% lower at 2.10 after gaining A$0.05 (2.44%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2.08, Lynas Corporation confirms its breakout through the prior session's high having traded A$0.03 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for LYC.AX
Volatility

Friday's trading range was A$0.06 (2.93%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Price Action

Even with a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 2.12.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 2.02 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Lynas Corporation
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Black Candle TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Bearish Belt-hold TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

LYC.AX breaks key support level

Jul 20, 2018
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