Another interesting and a slightly volatile week. From a weekly perspective, nearly no change, last week at 74.5, this week 75. From a volume perspective, still no indication of break out volume we saw when move from 30s to 100 happened, mostly doing 10/15m range now. We did make a low of 64 this week and top was 75.5, so finishing close to the top which is good.
At this stage it looks to me to be in a holding pattern, waiting for a catalyst for a big move. It could come from some big drill results, some big buyers, some offer, alliance etc. As I wrote last week, I didn't like it when it didn't cross 80. To me it was first signal of some hesitancy for a move upside, which was corroborated in the price action this week of reaching 64. Friday was good, a big double digit gain, but out of last 10 trading days, 8 have been red. So still some work to do. From a price perspective, I would like to see a break above 80, on weakness mid 60s to hold - same as last week, and it did that this week. . My other thoughts are similar to what I wrote last week, hence not repeating it. . Personally, I had bought some for 68 earlier. I had written earlier that if 70s is not looking like holding, I may exit. I did exit on Monday around 72 market. I was tempted to buy back around 65 mark again, but now thought will wait for it to stabilise. As I said, I like to follow price action, just my way of playing it, may not be the best.
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.
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