Lynas Rare Earths (ASX:LYC) - Cautiously Optimistic
- 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