Australia's largest stock trading and investment forum Australia's #1 stock forum

GXY

0.00%

$5.28 galaxy resources limited

73.59% Accepted, page-93

First 93 Last

Share
Profile

Follow
airconditioner

1,658 Posts.

2879

24/07/16

20:00

Post #: 18350404
Share

Originally posted by Ravenhaller ↑

Just some food for thought.... from my favoured Devil's Advocate position... a position which stops me from wallowing in too much blind confirmation bias.

We just had an announcement confirmation throughput @ Mt Cattlin is double that of forecast... it was greeted by the market with a 10% SP drop over the course of the week. Now, we have virtual confirmation of a merger between GXY and GMM... us regulars here @ GXY Hot Copper might think it's a gap up signal... but, as last week confirms, what we decide are breakout cues and what the market will do are two seperate things.

Personally, I think hints of SP turnaround will come if I/we see a buy side quota in the order of 5 to 6M on open tomorrow... otherwise, technicals still look pretty diabolical - especially on the weekly candle.

Then again, the best time to enter is typically when fear is at it's most irrational... surely that is right now? The Aussie lithium sector has been illogically hammered over the last month... how much longer can it go on? Especially if you're a producing mine with offtake on contract, especially if you're a producing mine that has confirmed a doubling of offtake production only days ago, and especially if you have a couple of 'huge' speculative aces up your sleeve... hmmm.

FYI - I say all this as a technical swing trader trying to nail the peaks and troughs of rallies. Long, i'd suggest the SP direction is a pretty safe bet.

Expand

Still seems the devil on your shoulder has an angel on his.
Damn that sweet FA gets in the way, don't it?

GXY Price at posting: 44.0¢ Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

AI stocks: What to expect in 2024-25

NWC

New World Resources inks complete PFS for Antler Copper Project in Arizona, USA

CTT

Cettire shares jump on FY24 revenue growth up 80% vs pcp – but stock still badly bruised

LRL

Labyrinth shares rocket by 219% on news of Comet Vale and Vivien gold project acquisitions

ATH

Trial for Alterity's neurodegenerative drug ATH434 shows reduced disability