Daily
Positives
Stoch 5 crossed above the avg line
Stoch 14 has returned to its avg line
Histogram is rising back to zero & still shows a divergence from the MACD
The high was through the S/T/ downtrend lines with higher volume
MACD has flattened off & is nearly back to the sig line.
There is an RSI divergence.
The low was repeatedly tested & held
The daily tick data shows last week 4 days from 5 were buying days. Net buying for the week was 607,948
Negatives
Failed to close above the S/T down trending lines
MACD remains flat
Closed in the middle of the range
Outlook
In the short term the daily chart looks good despite failing to close above the down trend line. It was only closed down after market. (5 orders, 50k worth $3700) So likely to be the mm.
There are a couple of conflicting buy / sell sigs on my daily model but the momentum indicators are well positioned to carry the sp higher in the short term if allowed.
We are still in a congested area of conflicting trends & this is reflected by the last bar
So based on my models, I expect to see a retest of Frid high on the next bar & potentially up to around 0.08 over the next couple of days. It is also highly likely that 0.073 support will be tested again in the S/T.
Support is currently at 0.073, resistance from 0.077 – 0.08
Good buying down here & it seems the Global X fund is still accumulating. Announcement soon?
Weekly
Positives
Stoch 5 looks like it is starting to turn
MACD is above the sig line
Histogram is above zero
A higher low
Weekly support held & closed above
Negatives
Stoch 5 trending down
MACD still trending down to the avg line
Failed to make a new high
Did not break the down trending resistance
Closed in the lower half of the weekly range
Outlook
Still being capped
I have conflicting signals & with no catalyst for change I expect both support tested this week
The first shipment of Li should be close. That was shown stacked on pallets & ready to go. (In the Dec qtr & we are about midway through the March now)
At first glance the weekly looks a bit soft but don’t be fooled.
Last weeks tick data shows overall buying of 607,948 shares. Global X & others perhaps
Shorters were active & (if the reports can be believed)
224,080 were shorted up until Thu.
Weekly support is 0.073 & while it may dip below, imo that will hold.
The coming week should see a crossing through the first & of the down trending lines (blue) but it looks like it will be a few more weeks yet before the congestion area is left behind unless we get a couple of good announcements.View attachment 1993633View attachment 1993636View attachment 1993639
(20min delay)