Another interesting but a slightly less volatile week. From a weekly perspective, no change, last week at 75, this week 75. From a volume perspective, still no indication of break out volume we saw when move from 30s to 100 happened. Last week we were doing 10/15m, this week we did not cross 10m any day - so volume is not giving an indication of some big entity getting here, but we never know. We did make a low of 66.5 this week and top was 77, so doing slightly better lower and upper high compared to last, not much difference, but still its good to do better lows and highs.
As I said last week, my thinking is the same. 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. Key for me would be to get to 80s, downside hold mid 60s. Otherwise it could be playing in 10/15% range. . Personally, I wrote last week that I had exited my buy from 68 at 72. I am still watching and have not yet bought. The Li sector got a big boost on Thursday/Friday, so that helped a number of stocks. There is no confirmation yet, but a good possibility the sector may have bottomed. If I get that indication, I will buy and hold here. Or otherwise on some news, some strong price action.
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.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)