The bears will look to bounce at the first sign of exhaustion of the bulls but days like today with a flat close and relatively equal trading range indicates indecision. Low volumes further point towards indecision.
Most likely waiting for the announcement from China tomorrow looking for guidance on the timing of ban of ICE vehicles from a lithium sector perspective as @FlashFish suggests, with no major economic events (only US CPI and trade) on the global macroeconomic front.
GXY has been traditionally been ambivalent to the wider market, often going about on its own whether that be the brutal downtrend during the first half of the year or consecutive green days despite many reds on the broader market.
With every dip there seems to be buyers eager to suck up the supply as we've really been trading the upper quartile of our already very steep trading channel for the last month now. With 3 known catalysts (2018 contracting pricing, James Bay DFS and Sal de Vida Update) and some left field announcements (LPD stake) it's not surprising.
TA is a tool to give you a wealth of information about the past and an insight into the present. From there you have a range of outcomes. Further you have to be clear about the decision at hand and whether your tool is the right tool for the job.
If one asks to look for an entry point for a trade, on the balance of probabilities I would say short term-medium term stay on the sidelines. But if you're looking for an entry point to go long, you could be watching the price like @crashman111 and still never have the TA lining up perfectly for your entry point due to the momentum behind the stock driven by FA. Don't solely rely on one or the other, interrogate all available tools/info to make your own decision with clarity based on your own well defined goal.
Good luck.
- Forums
- Charts
- Chart
The bears will look to bounce at the first sign of exhaustion of...
-
-
- There are more pages in this discussion • 19,544 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add GXY (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, CEO
Anthony Noble
CEO
SPONSORED BY The Market Online