Miners across the board are getting smashed at the moment, and Lithium charts were hit as a group with a variety of ugly reversal bars on the 5th April. I've included a comparison chart of some of the Lithiums I pay attention to just to show the tight correlation, despite being in different stages on the chart and development.
Below is a daily chart which shows the consolidation since September, some major S&R levels and some Wyckoff markups. It's always tricky trying to read whether it's re-accumulation or distribution while price movements unfold, but I was convinced we were in a Phase D upward trend within the trading range after price broke up through the top of the descending channel or supply line. There had been some bullish divergence and a nice test of major support prior to breaking up, but demand did not follow through and price has since fallen too far since the 4th April top to consider it a back up to the creek type of test, so I guess price wasn't ready for the Phase E markup yet - or was ready but got side-swiped along with the rest of the industry and now has to re-set with some more Phase C testing. Or worse case a Phase D downtrend has already started.
LTR is hitting the volatility extremes that usually mean it needs a breather and my momentum oscillator is hitting oversold territory. It's still trading above the lower bounds of a consolidation trading range where support has been found previously at some very clear levels, so any positive change to market sentiment while price is at these levels could potentially see a decent bounce. So some interesting action coming up - good luck all!
New TA/Charting, page-7969
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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2 | 44705 | 0.715 |
4 | 284582 | 0.710 |
2 | 111037 | 0.705 |
8 | 187106 | 0.700 |
Price($) | Vol. | No. |
---|---|---|
0.725 | 476775 | 9 |
0.730 | 356495 | 17 |
0.735 | 174400 | 6 |
0.740 | 96673 | 5 |
0.745 | 122868 | 7 |
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