Will there be another push into 5 this week?On a weekly...

Will there be another push into 5 this week?

On a weekly perspective, we did lose slightly. Last week we had finished at 4.8 and this week at 4.5 - so not much loss after having a lot of gains previous two weeks. Volume wise, there is now a steady decline in volume in last week, on Friday we did around 38m shares, which was the lowest since the breakout happened and the move towards 2s from 1s.

So what is happening now? I feel there could be some consolidation now. SP has had a very good gain from 1.5 level towards 5.8 - a gain of nearly 300%. We all know stocks may not go vertical all the time. the price has also moved much away from lot of moving averages. So I feel that its consolidating and letting some averages to catch up. This could be very healthy from a medium term perspective, if the price has to hold, just for technical reasons. There is always a chance that some fundamental (announcement/news etc) could come in and it would take precedence over technicals. Also some big buyer/s can come in any time and that would also reflect that mood rather than technicals. I am no expert in technicals though, watch the trading patterns, use my feelings etc - so I am prone to be completely wrong, hence please dyor and check risk/rewards.

Personally as I wrote mid-week, I did let go a fair few of my stocks as I felt a short-term topping may be taking place. Since then I did a small trade but have not yet bought back my shares. Watching now, including volume as well. I will buy back at some stage, who knows could be Monday, based on price action, any announcement etc.

So what may happen this week? If there is no announcement and some big buyers don't come in, technicals may come into play. For the upside, a break above 5 and then the recent high of 5.8. If for some reason we do go down, till now 4 has looked like a solid support, failing which 3.5/3.6 - based on my thinking as this stage I feel it should not go below that.

For those interested how stock is tracking against other Lithium stocks or who hold multiple Lithium stocks, I do a Weekly Report across 96 ASX Li stocks. It has got Weekly/Yearly data how stocks are tracking. I also have commentary across general markets and sector. Those just holding specific stocks, it may not be relevant, so please ignore.

Here is the report for this week.
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https://hotcopper.com.au/threads/sya-weekly-report.6951924/page-2#post-71112191
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