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16/08/18

11:21

Post #: 34973661
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Originally posted by bilulu ↑

For a very long time there was a bullish reversal signal yesterday. The chart shows a bullish hammer candlestick which might indicate an upside reversal. Yesterday the sellers were initially in control before the buyers were able to come back (this happened at the $2,55 pivot – someone called a bottom at that price). The hammer shows a very short upper wick while the bottom one is much bigger than the body portion of the candle.

If we opened above where we closed yesterday, then we could see a good day.

This being said, there are two reasons why I would be careful.

First of all: shorters. They’ve obviously not given up yet as depth shows as I am writing this post. They will try to open below. This could be ok though if we recover from the low open.

By the way, if you look at the market depth, don’t be intimidated by the number of sellers (circa 2.6M). Look closer and you’ll see that 85% of them are actually selling above $3.

The other thing is that that the market was rough overnight in the US for the major lithium players: SQM (-3.06%), FMC (-2.15%), ALB (-1.84%) so this could weight on us today.

Good luck and don’t panic. Don’t sell. Hold strong.

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You've come a long way.

https://hotcopper.com.au/posts/33633700/single

So what course did you sign up to?

GXY Price at posting: $2.58 Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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