General Discussion Topics, page-133463

Are we getting closer towards bottom of this phase?

Yes SYA lost 1 pip to finish on 3.9c. Surprisingly, only 142m shares traded - first under 200m trading day after 9 trading days.

ASX Li were mixed with splattering of reds and greens, many flat as well. Yesterday US Li made a good start but could not keep up the momentum. ALB finishing just 0.7% up, at 121 now. But since it finished in green, it held the level, and ASX Li too on average behaved accordingly.

So are we getting closer towards the bottom for a possible reversal? We don't know what the big players have in mind. They are very resourceful as well as determined, so it would be in vain to presume anything. But we can look for indications. Today was the first day under 200m shares traded. Is that a sign that the drop may be waning? Its possible. I have been writing for a few days that I think they might just do a lower low than 3.7 and we could come back. We touched 3.8 today. So now very close. That play could still happen, unless volume indicating that it may plateau. But we will still need the Li macro to be at least neutral if not positive for this play to happen. At this stage I feel Li macro is still in an uncertain state, so its best to have an open mind for now and follow price action.

Personally again no trades for me. I want to see how this plays out, though at this stage am tempted to get anything 3.7 or below if it goes there, as the risk reward gets better. The down side from this stage could still be there, but if sentiment changes to positive or some news comes, upside could be much larger than downside. If it comes back from here, I may start buying around 4.3 level.

So what may happen tomorrow? Tonight again US Futures are in red, for now. Yesterday SP 500 dropped around 0.4% - that didn't help the cause, for US Li to make a bigger gain. Yesterday I had written it would be good for ALB to hold the level, which it did. Downside 118 is now a key level. But to give impetus to Li sector, it at least needs to get over 127. Lets hope its coming. Will that happen? Lets hope so. All the best.