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Lynas Rare Earths (ASX:LYC) - Cautiously Optimistic

Long
LYNAS RARE EARTHS LIMITED (ASX_DLY:LYC)  
entryspecialist  
ASX_DLY:LYC   LYNAS RARE EARTHS LIMITED
Moving Averages Volume Wedge asx200 LYC rareearths trendpattern
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movingaverage volumestudies wedgepattern asx200 lyc rareearths trendpattern
  • The Heikin Ashi candlestick pattern suggests a recent trend reversal to the upside, as indicated by a series of green (upward) candles.
  • The chart displays a consolidation pattern within a falling wedge, which has been broken to the upside, hinting at a potential bullish reversal.
  • Exponential Moving Averages (EMAs) show the price is currently above the 20, 50, and 100-day EMAs, a bullish signal.
  • A significant increase in volume accompanies the breakout, reinforcing the strength of the current upward move.
  • The current price is near the upper bound of the falling wedge pattern ($6.60 - $6.50c), which could act as resistance and limit further upward movement.
  • Prices holding above key EMAs, which may now act as support levels with current established support level at ~$6.02c
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