2024 Charts, page-1166

There are times where TA is entirely relevant and the main thing to look at.

There are times where you can't just look at the chart and hope to see anything meaningful without considering the FA.

AGY isn't going to magically bounce due to TA alone when all FA signs paint a bleak picture.

For a rally at this point, you need a catalyst to encourage buyers. People can keep saying lithium has bounced all they like, but it hasn't (and I've been puzzled every time I've seen it here this year and sometimes have to go check the lithium charts to make sure I haven't missed something). AGY is chewing through the $5M ATL money and will need more before long, they've openly said they don't plan to see the small amount of stock they have (I think the actual reason is that 'we have tonnes in the warehouse and we're stockpiling to capitalise on higher prices in the future' is better optics than 'we sold what little supply we have which will keep the cash burn fire going for a little longer but demonstrates exactly how trivial an amount we had stockpiled over a long period of time and if we sell as we produce it's near meaningless'.

The only thing which is going to bring a rally is an increase in production rate. Lack of news will see a slow decline and before too long a test of the low below 7c and fresh lows. A bad update will cause a quick retest of the low and probably fresh lows.

Other than seeing what those support and resistance levels are, the chart doesn't currently mean much.

Today we saw the lowest price and the lowest close since the bounce off the multi year low, setting a new support level (unless it keeps dropping tomorrow, highly likely). We have an arguable FVG, and an actual gap, down to 7.5c, and it's very difficult to imagine the 7.5c gap not being filled soon.

Below that we have the recent 6.9c low as the last significant support level. Below that we have 6c.

We have an obvious downward trend, bad sector, bad company outlook at radio silence from the company. You really need to be desperate and lying to yourself not to see what's going to happen unless there's some good news very soon. There's no honest positive way to spin this chart at this time.

At this point I'm mostly just taking part in the discussion from the 'isn't it amazing how you can point out such an obvious picture and have people refuse to see it' type perspective.

No matter how hard you try to imagine them or how intense the mass psychosis is, the emperor is naked.