Technicals | Nov 16 2021
This story features LYNAS RARE EARTHS LIMITED. For more info SHARE ANALYSIS: LYC
By Michael Gable
Resource stocks seem to be on the move again. In this week's report we have charts highlighting a resource stock which looks good here as a buying opportunity — Lynas Rare Earths ((LYC)).
We looked at Lynas in mid October and noted that the chart was looking positive again. It was clear that after rallying strongly in June-July, it needed to consolidate.
Lynas has now done so by trading sideways in a large rectangle. The last couple of days has seen it break free of this range.
We now have a new buying opportunity with Lynas as it should continue to trend higher from here. If it momentarily falls under the breakout line, then it should ideally find support near $7.50.
Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.
Michael is RG146 Accredited and holds the following formal qualifications:
• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2
Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.
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