WR1 General Discussion, page-31827

Where is the bottom?

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From a weekly perspective, a drop from 55 to 49 this week. Another 52 week low today at 47. 5. Volumes moderate, no strong indications from volume.

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So what is happening here? Same as what I wrote last week. Playing the macro. The Li macro is not in a good state. Spot price dropping further. ALB which I track for barometer is trying to hold 80. Did a new 52 week low this week. Ganfeng within 2%of its 52 weekow. So overall not good. Only solace, the general markets which were looking like going into correction, 10 to 20% drop, got some respite on jobs data. But I am not convinced yet, so let's see.

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Personally I am still waiting, want to see some signs of bottoming, of reversal. Unfortunately, none till now.

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So what may happen next week? Not sure. We want general markets to hold. We want Li macro to improve. If one of these doesn't happen, there may be more short term pains before the gains. But one day it will turn. And the reversal will be volatile. Before anyone realises, stocks would have moved 30 to 40%. So one needs to be alert. Or take risk and buy now, hoping for a good risk reward from here. I will wait. Overall market too in a malaise, it's just not Li stocks. Ravgnome does a daily wrap of stocks every evening on day thread. Yesterday 6 stocks did 52 week high. 89 stocks did 52 week low. So it's bad across the board. Most punters waiting for sunshine to come again. It's cyclical. It will come. But when? We don't know. All we can is hope. Enjoy your weekend and all the best.