Weekly data and thoughts. . Please not that all my views are for short-term only, and I could be wrong, so please dyor. . . . Lithium Sector Overview- . .
From a weekly perspective, LTR had a great week, gain of around 10%, moved from 65.5 to 72
It made a high of 74.5 this week, just below my number 75 which I mentioned last week
Shorts are still very high, at 12.5%, still increasing, and 5th highest shorted stock in ASX. So work is cut out.
This week LTR play was much more positive. Not because of LTR play. But how other Li stocks in ASX, US, China were performing. In that context, this rise I felt was much better than a hidden agenda last time to 85, which was not backed by sector.
. . Personally, I picked a few Li stocks this week after long time, picked up LTR at 68c after watching good play in China and backed by US. Not much I bought, but will double this week if same signals remain. Have bought LTR after sometime. . . Major price action indicators-
ALB - MONSTER week with a gain of around 15%. and now back over 20% from its lows - reached 66.67, nearly a 3 month high
Ganfeng - MONSTER week, gain of around 12.5% for week, Tianqi gain of over 10% - big week
PLS/LTR - MONSTER week, PLS gain of 12%, LTR gain of 10% - matching double digit gains of key indicators
Spot Price - Good, hopeful week - Back in green for the week, a gain of around 1.2%, so second week in last 3 weeks with a green, a rarity for so long
. So what do these numbers say?
For the first time in long time are we seeing something very different on price action
All previous plays, there was one very noticable feature - all jurisdictions never went in tandem. When Chinese increased, US still lagged. When US went ahead, ASX lagged.
I have been reporting numbers for a very long time, but for first in long time, all 3 jurisdictions are going in tandem. All big stocks in the 3 regions had a massive gain of double digits
All big stocks key indicators I track are above 20% from their lows - first box ticked
Some new announcements like AGY also bringing hope
We have a long way to go, but there was nothing not to like this week. But based on past experience, we need at least another couple of good weeks before an average punter may be convinced of a reversal. For Li diehards, this week's number may be enough.
PersonallyI have been consistently writing I am not playing LI stocks fora very long time. This week, after a very long time, I have dipped my toes in the sector. Not much at this stage, but first time in a long time. Have picked up around 6 Li stocks, but small numbers now. If things continue like this week, or should I say, levels are held and its now going back, I feel may double my small holding this week. . So what may happen next week? On Friday night, US Li stocks were in green, moderate though. So we can start with a smile, and then Chinese stocks will provide direction. . . Here is the Figures for the Week:. . .
LTR Price at posting:
72.0¢ Sentiment: Hold Disclosure: Held
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