Definitely a TONNE of Macro factors going on now, especially Sept being a traditional month for declines.
If we can check the .IXIC (Nasdaq Comp.) chart, I honestly love this chart atm, great pullback:
- Can see we've pulled back 5% from our peak last month. Lovely correction IMO.
- We are riding the 100day SMA, and interestingly enough, a 10% correction from the high is riding the 200day SMA. All normal pullbacks in a healthy market. I am not saying these levels of support are where it is headed, but in terms of market conditions, this is all normal on a bull run.
- Macro factors are many, Evergrade/China property market, US congress and debt ceiling negotiations, Delta strain fears, Central bank easing of money printing, you name it we have a confluence of factors that are effecting high-risk/growth assets worldwide. We all should now know that Sept is a rocky month, which usually picks up in the last week of September.
- Regarding PLL (note I am bullish and a LT holder) and the broader company outlook, what FA has actually changed? The recent "bear" trend, IMO, is due to the macro factors, the recent lawsuit filing (which is FINALLY over, and we will see if the plaintiff's will file against the company, deadline was 21/09 in USA), mining permit misinformation and shorting activity has brewed a perfect narrative for willing large actors to short the price and place it in this channel.
- As we know, the market gives more that it takes in the long run. Every investor will have a different strategy for every security they own. And those strategies will be tested in tough (and great) times, as we are experiencing right now.
On a personal note, I love these times, as they bring a lot of opportunity for entrances and top-up purchases, these are the days that I as an investor, make my entries/top-ups.
Whatever your decision, good luck to all
!
I have chucked my PLL (NASDAQ) chart up with some historical support levels based on candles, as well as the SMA's, which I tend to use.
(20min delay)