View attachment 1867273
Daily:
Oversold stochastics
MACD downtrend starting to strengthen
Support @ 90c next is 83c
Resistance @ $1.10
View attachment 1867282
Weekly:
Broke the wedge in red - Bullish
Broke secondary downtrend in blue - Bullish
Stochastic appear to be rolling over (bearish)
MACD is gain strength but still below 0 - Which indicates a bearish trend losing strength but still not broken
Support at 83c.
View attachment 1867291
Monthly;
Oversold in stochastics but have been for awhile.
MACD appears to be finding a bottom
Support still appears like 83c
resistance probably $1.50
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Monthly heineken asahi's - Noise cleared.
Want to see a big dirty green candle before i'd be calling an official bottom.
Breaking of the wedge/downtrend should see sideways movement.
Prediction;
I think 90c will definitely get a test - If it does hold I can't see it doing so for a long time. More likely a double bottom at 83c.
If i was sitting on the sidelines looking to enter i'd buy 90.5c stop loss at 89c - Rebuy 83.5c.
On a fundamental conversation around general lithium market (to which i'm a long)
good post from here by mick on LTR threads (non holder) Post #:
41731059
Align with my take on the Chinese and their stranglehold on the market Post #:
41732290, Post #:
41732341
Despite not holding GXY (currently) i am not Anti GXY see post Post #:
41727916 -
"Whilst there are many alternative lithium supply sources and there are cobalt only a few do so profitably. As far as i'm aware there is only 2 hard-rock Australian producers which can currently supply a spodumene concentrate profitably. Greenbushes & GXY. Anyone sourcing alternatives are currently doing so at losses. We've already seen A40 fall over. AJM and PLS and next in line unless they can lower their opex. Everyone is hoping for lit price to recover (this is outside a company's control so i prefer not to rely on price increases for company profitability. The risk for high opex producers in that in the event of demand increase (which will occur) i suspect greenbushes will expand and capture the market share"
And i do believe GXY is in a good position once sentiment turns around. Cash is king in downswings so i like GXY in that aspect - probably just haven't invested it as wisely as they could have. Hindsight's a perfect science though.
Best of luck everyone here - I'm hoping the general lithium market turns as a whole - i don't bash other lithium stocks i don't hold typically just call it as i see it.
*disclosure - i'd buy galaxy at 83c as technical entry. Fundamentally it's already a sound investment IMO.
SF2TH
