Two weeks ago I posted some charts for LIT(Lithium not the...

Two weeks ago I posted some charts for LIT(Lithium not the company) and suggested I was watching its performance closely. Well, I'm still watching it closely BUT am (sort of) a bit more comfortable with its position. Not too much SP rise since then but most oscillators and momentum indicators are improving.

Sure, it would be nice for the SP to breakout above the current "wedgy" pattern barrier(above $33.50) with conviction but I am seeing many oscillators have broken their(equivalent) downtrends with some(Histogram, TMF and SSTO) actually breaking into their Bullsh zones(see 2nd chart below). Two weeks ago I used the RSI to illustrate the +Ve Divergence in play but also the need to(initially) break the downtrend line and then get back above the 50% level to ease the Bearish concern. Well 1 out of 2 is better than we had two weeks ago(see the smaller last chart).

The 1st chart is purily a SP update chart BUT also now includes a very 'neat' Pitchfork that seems to have provided very good supports and resistances over the last 2 years AND the same Fib base range(cyan) and Base pattern(orange range) that highlight similar objectives(~ $43+) going forward. My interpretation of this chart is represented by the arrows ... green for GO(breakout with conviction of 'wedgy' and hold of 161.8%Fib); red(at this stage not favoured) ... I.E, if greeny fails to materialise then maybe we'll see a test of the $29 level(2014H and Base range plus base of uptrend and Pitchfork level); and finally(a slight concern) the blue one ... the _Ve crossover of 65/195sma that has occured within the last 2 wks.

In my opinion the Pro's have it and I'm expecting the price of Lithium to continue its rise albeit sluggishly initially.