LYC has broken a long term downward trend, great news! However, it seems to have trouble with the above horizontal resistance.
So now it's important to wait for a retest and LYC finding support. This could be around AUD 2.17 where a gap was left recently and we have horizontal support. Or it could be around AUD 2.00-2.04, which will be a retest of the trendline and roughly where the 50MA (on the weekly) will be by then. And not to mention there is a gap there too at AUD 2.02.
Once we get to either support, we need to monitor behaviour for clear signs of finding support. Then I'll be looking for a buying opportunity.
Its just bounced higher today off 2.22 support area. Do you think we just had the retest of a support as jumped up over 2.30? As quite a strong candle back up.
duco1
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@StrawberryMan2, I agree, it is a strong candle. But the gap is not filled and we are still under the weekly cloud.