LYC.AX dominated by bulls lifting the market higher throughout the day
Lynas Corporation (LYC.AX) Technical Analysis Report for Jul 13, 2018
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.
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.
Even with a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 2.12.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the nearby swing low at 2.02 where further sell stops might get activated.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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