That is because you have prejudice against TA, so you read only what suits your prejudice. And you must be one of those dingbats and frogbats who believe that the share price of PLS and AKE have moved up only because the price of Li went up.
The fact is the move of the share price preceded the news that Li price went up. By the time the news is out yesterday, the buying pressure of AKE and PLS had been waning (read my answer to filtum last night and my post in PLS the night before). It is the share price that leads the news, and not the other way around. I said to someone here (I can't remember who) that when the share price is in markdown phase, the bad news comes up, and the good news comes up when the share price is in markup phase.
Now, let me give you the evidence to support what I said above. I use my own posts not to brag but only because they happen to prove my points. And I do all this because I hope you and those who are prejudiced against TA would start looking at TA with an open mind.
On 21 September,
Post #:69963875, in my reply to frogbat I wrote:
"Li price in this September is CNY 178,500. If the bad bad news about China economy is right, then Li price may go down further. But I doubt that kind of news. If my doubt is proven to be correct, then Li price may go up again like in May-July. And that would be enough for a reversal."
I have anticipated the price of Li to go up again.
On 24 September,
Post #:69996613, I wrote:
"Another thing; after SC and AR, the sp usually goes down for a Secondary Test, and then goes up to the upper boundary of the trading range."
The sp went down to the ST and today went up to upper boundary of the trading range.
On 5 October,
Post #:70198841, I wrote:
"That Secondary Test may go slightly below $10.87. But I doubt it will go below $10.65."
The sp reached $10.69 and bounced.
On 7 October,
Post #:70224010, I wrote:
"Yesterday the price closed at its low. At face value, a red candle with its close at its low is very bearish. But the low volume doesn't validate that bearish move. The low volume yesterday indicated the supply was drying up. That is a successful Secondary Test to the smart money. And VSA has established that a move up or a move down that is not validated by the volume will reverse. So I think the sp will go back trading within the trading range next Monday."
And here is one piece of evidence on PLS:
On 3 October,
Post #:70141209, I posted in PLS Chart:
If you still can't see the power of TA after I show you the evidence above, I am afraid you will forever be one of dingbats or frogbats.
