Mosb, great post and you beat me to it. I was going to say that the ironic thing about this market correction is that it is in reaction to very positive economic news regarding the US economy. It's also true that the US market increased 25% last year - the Australian market was no-where near this and so this sell off is not a fair reflection of our domestic market's situation.
But it feels like SYA (and all Lithium stocks) have Triple Hit Lymphoma right now. First, it had technically topped and was due a retrace. Secondly, those nasty and dirty little rumours about Lithium oversupply exacerbated that sell down. Now, it has had the US Market sky fall in just to completely decimate the SP. Wow, it's been so brutal.
So, a chart, for what it's worth and if anyone is actually interested anymore. Both the MACD and RSI tell you how oversold it is - the lowest reading for both for several years on the SYA chart. It's breached the 61.8% fib at 5.3c, and the next one down is the 76.4% point at 3.8c, which coincides with where it actually got down to on the previous retrace. It's the black line through my chart (had to manually insert it).
A couple of big gaps also now on the elevator down as you can see. It's all pretty wild stuff.
SYA Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
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