Lynas Rare Earths (LYC) is an Australian rare-earths [1] mining company that has two major operations: a mining and concentration plant at Mount Weld [2], Western Australia [3], and a refining facility at Kuantan [4], Malaysia [5]. Michael Gable has a positive take on this company.
“We looked at LYC in mid-July,” Michael said, “and noted that the chart was looking positive again after breaking out of a tight trading range.
“Lynas is the largest producer of rare earths in the world outside of China. It was clear that after rallying strongly in June – July, it needed to consolidate.
“It 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 LYC 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,” Michael said.
Lynas Corporation Limited (LYC)
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