Well no surprises that the projected Asc target of 70c was touched up early today... on strong volume ...surprising many trying to ST trade AVZ no doubt.
Sector wise it seems the lithium seems to be entering a new bullish phase after some months consolidation. AVZ has not been following the general sector movement playbook over the last several weeks but is re-rating faster than its peers and fair enough with prob 20% of worlds hard rock lithium, which is higher grade than all but 1 of peer, bigger than all others, and at surface ...these facts are still no where near reflected in the price.
AVZ will, with time, eventually lead the Hard rock Sector value wise. I have no doubt whatsoever.
So AVZ has done some heavy lifting today and logic dictates that the bulls have a rest until they can recalibrate to the fact that to get a position they will need to step up to the higher range now. This may take a few days.
PS: A caveat to this will be another stella move sector wide which will force bulls out of rest mode early.
AVZ Price at posting:
66.0¢ Sentiment: Buy Disclosure: Held
