The pennant I was talking about a few days ago it shaping up beautifully!
As I said I was hoping, we did indeed test support in the high 60s, touching the bottom of the pennant (and yes, of course it was a typo when I called that resistance, as someone pointed out). Today we've perfectly touched the top of the pennant. Yesterday's positive report was very well timed, but all the same it's fun to see things pan out exactly as you predict them, right down to the pip.
The 2,000TPA plant's progress is fantastic, it was a good idea of management to throw the non China spot price into the announcement to remind everyone that the insular China lithium market doesn't really reflect on us and our relevant spot price is still quite handsome, and with this situation existing I'm quietly confident that this pennant will break up not down.
I'm not seeing an astonishing target from this pennant, just 87c or so, but I'll certainly be pleased to see a new all time high coming up, and it's just another step on the big climb on the big picture (I'm still seeing around $1.10 before the end of Q3CY2023).
Tight lines.
AGY Price at posting:
74.0¢ Sentiment: Buy Disclosure: Held
