2023 Charts, page-1325

Usually it's interesting, worthwhile or sometimes even fun to look at charts and get an idea of what's going on. Some people exclusively look at charts and ignore FA, but at the moment given the fundamental situation I think it's fair to say we're not going to see any upwards movement until we get positive news and until then we're just going to sit flat or fall further. Sure, we may go back up to the high 20s or perhaps even retest 31c; we're ridiculously cheap at the moment, but the market is always cautious and currently highly sceptical while also disinterested due to a low Chinese lithium spot price (and the spot price actually relevant to use isn't so wonderful either), so there isn't going to be buying at higher levels until the company gives it reason to do so. We're just treading water hoping each floor will hold as long as possible in the mean time, while waiting for production news or the permit.

Not much point in obsessing over the chart at this point anyway; all we can really say is that we could potentially see 15c if the current floor fails (I feel bizarre saying that and don't think it's possible, but then again I didn't think we could see 20s again), and once we have production and the permit we should be set to retest our ATH, though without stronger lithium prices we probably won't have much chance of beating it in the short term.

I used to look forward to Seagull's weekly analysis, and if he posted it now I'd still be happy to read it (though it would paint a very bleak picture!), but any such analysis at this time would be of very limited value. Once we have more fundamental developments the price will be moving in the range where TA becomes more relevant again, and more of us will be paying attention again. TA alone doesn't take into account fundamental value, which is what's currently preventing TA from taking us down to around 8.5c (and that would give us a market cap so absurdly cheap we'd get taken over for sure, which is perhaps becoming a risk even where we are now).

You could probably summarise the whole situation at the moment by saying it's one absolutely hideous chart, fundamental value is the only thing supporting us but faith in that value is very tenuous at the moment so we've become ridiculously cheap, but being ridiculously cheap means it's fantastic value right now.