Another interesting week also with a good announcement. From a weekly perspective, lost slightly, last week at 75, this week 69.5. From a volume perspective, still no indication of break out volume we saw when move from 30s to 100 happened. From a weekly perspective, volume declined by another 20% or so
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. We had a good drill results. But I have been writing for last several weeks that a good result may have already been factored in - so next big jump has to come from a spectacular results. We got good results this week, but nothing spectacular. But it was still good and keeps WC8 to become a Tier 1 deposit. . From a price perspective, I didn't like when it reached 79.5 and retreated. I have been writing that to get into 80s is key for the stock to come back. Now twice it has done 79.5 but has not been able to reach 80s. That is slightly not good, but one push may be enough one day. The good thing is that I have said it will still be in current holding pattern if its able to hold mid 60s, and it did that with some strength this week. . Personally, same as last week, I am still watching and have not yet bought. Overall Li sector is still very volatile. CXO announcement has put some dampner. But ALB trading gives lot of hope (in my Weekly Report). WC8 needs a spectacular result, some big entity buying again, an offer, takeover, off take etc - a boost from somewhere to get it out from this range. It may happen, but I am not sure about timing. Hope it happens soon for all holders.
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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