Top down analysis for week ending 17/09.AGY up 2.86%Fid ASX Li...

Top down analysis for week ending 17/09.

AGY up 2.86%
Fid ASX Li Sector Index down 6.6%

Some weeks ago I posted that the Global X Li % Bat ETF was showing signs of weakness and starting to roll over which would take the Fid index with it.I also said that AGY may not necessarily follow my Index even if it was part of it and so far this is evident on the chart plot.

Traders look for strength and by bucking the index trend AGY is showing it.
Relative Strength is climbing and On Balance Volume stable.
However there is considerable resistance at 20ish. (red horizontal line) Resistance is a term used by technicians where participants buy into a pump and when price drops away realize their mistake, then when price gets back to the level they bought at they sell regardless of any further gains to be had, they are just relieved to get their hard earned back and be made whole again.

Also, the smart money who paid 13c may have different ideas now.
The US will want to cement in Li supply locally and being awash with venture capital sloshing around looking for somewhere to settle this puts AGY in a prime position at Tonopah even if there is nothing to find there, the exposure will do AGY no harm for other opportunities that may arise in the US
Those holders who have done their DD and remain staunch in their beliefs are reaping the benefits, perhaps not only in profits but by clawing back any losses, so well done.
My thoughts and opinion only so DYOR