What a difference our 1st yearly (shortened)week makes to LLL's chart. Or even just a day(when I last posted the 1st chart below on the General Comments thread early yesterday). Momentum is clearly changing to the upside BUT we still need more increasing vols and SP action above 57c and then 62c to be comfortable the LT uptrend has resumed. It appears we are not alone as all the OZ Lithium based companies I follow have steadily risen since their common Mid Dec lows(see 2nd chart ... 2_Hourly comparison Chart below). Interestingly, on this chart you'll see that the Nasdaq LIT ETF is the only one that has not risen since then and yet there is ever increasing +Ve news on the Nth American front about the future of Lithium Battery minerals supply strategies(and fundings) being put in place to ensure they don't get left behind(China and Europe).
The Daily(Idiot and Bird) Chart I have posted in recent times has confirmed the required Technical signals to suggest we should have seen a low of significance at 44c. The Idiots(5/12/72ema's) are all rising with the fastest 2 now on crossover albeit not above the 72ema. However, we have had a Daily SP close above the 72ema for the 1st time in yonks. My 'Birds'(3 x CCI's) are flying ... on a thermal by the looks(usually a very +ve signal). Other momentum Daily indicators(both leaders and laggers) are all showing upswings; I have shown the 'fast' RSI here. So all should be good for next week(and hopefully beyond) for at least an attack on the next 2 important SP levels ~ 57c and above 62c.
2_Hourly Comparison Chart ... I include this to highlight 2 things. Firstly, there certainly does seem to be a distinct relaxation of the selling pressure(hopefully shorting as well) on OZ Lithium stocks since mid Dec. with all stocks rising a reasonable amount. Great to see LLL right up there challenging the 2 leaders ... CXO and SYA. Now, we do have something in common with those two companies and that is DSO plans. CXO announced just this week its 1st DSO departure, SYA are supposedly just a couple of months away and, of course, LLL is expecting to do the same by mid year(?). Secondly, I also note that both CXO and SYA are in the top 10 shorted stocks on the ASX and have been for some time. Clearly a strategy by corporates, bankers and major share holders to suppress SP rises(and retail ownership). To a lesser, but increasing, degree this is the case also with LLL. So hold them tight, retailers!
LLL Price at posting:
53.5¢ Sentiment: Hold Disclosure: Held
(20min delay)