Ann: Thick Intersections of Lithium Pegmatite at Manindi, page-1206

Another day of consolidation

Yes we continued on our consolidation today but on very low volume. Just 6.6m shares were traded today, which is the lowest volume for nearly 5 weeks. Our VWAP average was around 17.1c but we finished half cent lower on 16.5c. Algos wanted to close it down and in closing auction it did that.

ASX Lithium stocks were again soft for second consecutive day. Both ASX and commodities sector did not provide good leads. So most Li stocks though opened strongly, soon retreated towards their shells. Across the board, it was a low volume day, which is good in one way - we want good volume on rising days and low volumes on consolidation/slight decline. Of the 28 Lithium stocks I track, average decline today was between 1 to 2%.

What next - We are still looking for a good Li day on ASX to take us near the 20s. This week Li has been good on Tuesday, but soft for last 2 days. Sometimes these phase of softness can go up to 3 days. But there has been no bad news and Li sector macro is going very strongly. So either tomorrow or on Tuesday we should see a very good day. Lets hope so. All the best.