Testing the waters?Yes AZL remained flat to finish on 2.6 on a...

Testing the waters?

Yes AZL remained flat to finish on 2.6 on a moderate volume of around 18m shares traded. Opened on 2.5, played with 2.4, but a better finish.
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Yesterday US markets were down. US Li stocks were also down. ALB was in turmoil. Lost close to 8% and is now at 114 level. All signs were there that another bad day for ASX Li stocks. Many played with red on open. Then again some China news. A push that was very much required happened. Though some still finished in red, but it was much better than early morning. Lot of stocks rebounded, many in green as well. So turned out to be an ok day rather than a bad day.
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AZL also started weak and there was big push to wipe out 2.4. But slowly the mood changed, at least for today, and we were able to finish flat. The volume was better than yesterday, but still not very high. Our down days are on low volume, even days on moderate volume, so now we need a high volume day with a decent rise to take us to 2.9 level. As I have been writing, 2.5 is another key level. We have held it for now for 2 days. We also broke the sequence of 3 reds, though the drop was 4 pips only. One good day and hopefully we gain all back, or be ahead. But anything can happen, so please dyor.

Personally I was in two minds. As had written, was wanting to see if 2.5 holds. But there was a line wipe so couldn't pick up on 2.5 when it came back. Waited in queue but it didn't hit. Tomorrow may be a key day, if we hold, then there are good signs of making a bottom here. Good chance then I will pickup, don't mind buying higher as well..
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So what may happen tomorrow? US futures again in some red. Some tech stocks not doing well and dragging both indices and resource/risk-on assets with it. But for ASX Li players, one to watch will be ALB. I still believe we cannot have a rally in ASX Li unless US Li joins as well. Unless ALB is also on board. It is at 114. Very close to bottom of 108. Very vulnerable. Capable of souring the sentiment. But there was a big drop today. Some news buoyed us up slightly. Probability says it may not have a big red, but nothing can be ruled out. First step, regain 120 and then get over 127. That will certainly help. Will that happen? Lets hope so. All the best