SOME MACRO, OBSERVATIONS AND A LITTLE TA...
So, next week should be interesting...as a betting man, I have a feeling it will be a good week...
Very positive finish to the week with a late 23c after hours cross trade.
Shorts still quite high, but hopefully we will see evidence of them slowly exiting.
The low volumes must be pissing them off...
Great lead from wall street...a massive day on the markets in the US, with the major indices all up 2%+
ASX SPI now currently up 70 points
Even the The VIX is well down
Low unemployment, and a very tight labour market in the States, which the fed doesn't want, but a significant drop in wage growth, which they like.
So the fed may get their soft landing after all.
We have a long way to go, but, this may be the start of confidence returning to the markets, and the beginning of a more risk on attitude.
There is a lot of money sitting on the sidelines people!!!
In laymans terms, their reasoning is if most can keep their jobs, but get paid lower wages, they'll be employed and survive, but spend less with their low wage and debased currency...helping lower inflation.
And for the sector,Positivity returning
As we witnessed late last week with lithium stocks.
The lithium sector LIT steadily up
Guys, thanks for posting the video.
I picked up some interesting points from Bloor Street capital video.
Benchmark minerals Daisy Jennings-
"We are tracking the oncoming battery grade supply and the gigafactories in development, and we see growth in the sector to 2040"PLL Keith Phillips-"NAL's positioning close to Val 'd'or is exceptional. Staff and support in this mining town of over 30,000 people is invaluable. We will eventually go downstream in Quebec and we see opportunities for IQ to be involved in the funding."
Deutsche Bank Corinne Blanchard-"
We see pricing in 2023 to be a repetition of 2022. We may have a volatile start as Covid sweeps through China, but we see a strengthening in the second half and we may hit US$100,000/tonne. The corporates are bullish but the institutions are still very cautious and are waiting to see what the price will be. If China rebounds well, and the price remains robust and sustainable, we expect institutional funds to pour in. We are seeing contract restructuring, which will benefit producers."
TA
I haven't put a lot of faith in TA lately, the instos and shorters are tossing us about like a sailboat in a tsunami, pushing us down to the depths of 17c.
This rebound still needs to be confirmed, hopefully this week. SYA can run fast....
If we have a red day tomorrow, particularly with such a strong lead, its signalling the shorters have let it run up to sucker some more retailers in, then will drop the price in the hope they will sell.
We have seen it often-
ASX green-SYA red
ASX red-SYA green
So lets see what happens Monday/Tuesday, but the TA is the best its looked in a while.
We have finally broken out of our descending wedge, which was bound to happen sooner or later, and have set up a nice ascending channel.
Can it be sustained?
Barchart is indicating resistance at 23.2 and 23,8, so we may float around there for a while, but if we break through????
Volume is low, but The MACD has crossed up.
The RSI is on a tear and the stochs look very positive.
We also have what Alech was talking about with a Grand cup and handle forming when you zoom out to a year.
And as for the fundamentals.....I think this says enough
Good luck everyone....
(20min delay)