Lucara Diamond Corp (LUC) to continue fall along 2016 trend line

The price of Lucara Diamond Crop (LUC) has been falling since 2016 along the trend line included in the chart. Recently, the stock price retracted upward towards the trend line which provides a good opportunity to enter a short position. The first good target price would be the 78 percent fibonacci retracement (from the june low to june high) at 3.385 (SEK). Should the price fall further, the second good target price would be the recent support areas around 3 SEK. The stop loss is set just above the trend line at 4.905 since the price as the trend has never been broken.

A key date for this trade is the earnings report in 30 july which you should look out for.

Lucara Diamond Corp can be traded at multiple exchanges in case the Swedish exchange is not accessible to you.

Trade closed manually

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