Rare Earth Update

To provide an update on why I went long Rare Earth. I noticed the after hours move up on MP materials, at 20% increase before market open which quickly became a 50% move when trading started. This particular ETF holds MP Material as a major holding and it hadn't moved much as it should have. I posted a trade idea on Lynas, which went up the following day. The TA on this chart suggests the move up may have plenty of room to the upside.

This is a highly cyclical ETF, as expected from any mining related asset. There's periods of huge drawdowns followed by sharp moves to the upside. We have broken out of the downtrend, we have held the POC as support and bullish volume suggests the move is not a fakeout.

Zooming out, I see a giant inverse head and shoulders pattern. You can also see the RSI downtrend has been broken.

Not financial advice, congratulations to anyone who took the trade on this with me. I have moved my stop loss to break even, if price breaks below I will get stopped out with no loss.

Not financial advice, do what's best for you.