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News: GXY Orocobre says lithium carbonate prices slump, does not see recovery soon, page-35

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21/12/18

11:57

Post #: 36933287
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Originally posted by graywolf ↑

While this should be in the charts thread, I believe your analysis to be wrong.

1. You cannot create a channel and ignore outliers just to make it look neat.
2. There was never a 'major support' at $2.14 (red line on my weekly chart which shows no clear support/resistance at this level)
3. If SP drops below $2.07 (where it bounced on 30Oct18), the next major support is at c. $2.00.
4. If it drops below $2.00, it may go as low as $1.70.
5. The 5 min chart for today suggests it's found support at $2.08, though there is always a trading hiatus around lunchtime, after which it may bounce up or drop further.

WEEKLY CHART - GXY

View attachment 1397545

Five minute chart - GXY 21Dec18

View attachment 1397547

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Exactly.

It is amazing what people choose to post once their stop loss has been hit...

GXY Price at posting: $2.10 Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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