"As for Cobalt, I don’t think it should be thrown in with Lithium though they both benefit from positive sentiment for EVs. "
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Co, Li and Graphite unfortunately are related through the EV/LIB revolution. If you go through the list of emerging players in Li/Graphite of which there are only a handful, the shorting in each is quite incredible. Just like Tesla, a lot of money is betting that these are potential bubble, whether they are or not is immaterial.
The stop raid below that key zone 1.165-1.14 was very obvious on the chart but unless one is prepared to bet it was a stop raid, it was a case of hoping it wasn't a true aggressive break!
Monday was the first trigger and volume was significant but not glowing out of the ordinary. I suspected that was the initial probing of stop but it continued for the next 2 days as just under 1.14 is another set of stops resting! Some smart money were probably accumulating serious number of shares but they need to trigger wholesale stops selling on market triggers while they took the other side! I am surprised that we get a big bounce today once the fill their treasure trove!
This is probably one of the most potential nickel play on the LIB and would have been better if they were mining sulphites that has a proven history of easier extraction process. I am putting faith in the prop technology and now having experience riding the coat tails of these smart money and knowing how insidious they are at price manipulation, I will be looking to spot the next opportunity and join them in the future.
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