Another brutal dayWC8 lost 5c to finish on 48c on a...

Another brutal day

WC8 lost 5c to finish on 48c on a comparatively higher volume of over 18m shares traded. A high of 52 and a low of 44, finished right in the middle at 48. Does it say anything on this chart thread?

So we now have had 3 consecutive reds, two big ones and a small one. Its really testing the nerves of Li punters. But we are not alone. Yesterday US markets didn't do well. US Li stocks had a bad day. Today ASX had a bad day, and most stocks were in red. Many ASX Li stocks were again in stress with many making fresh 52 week lows today. Its a never ending downward spiral for now. What will happen? Don't know. I don't think we can predict. Best is to follow price action. Need to get to mid 50s to ease the pressure. If sentiment is still down, may be another retest of 44. Lets see which direction it goes.

Personally as I wrote in the morning, I am sitting at average 49. My initial average was 62, but couple of big sell and buy back has helped, as I have been writing. So lucky there to get down the average. Its always with risk, but in downtrend, sometimes it works.

So what may happen tomorrow? US markets had a decent sell last 2 days. Opinion is divided at this stage. Many thinking big falls may come. But some divergences are happening, so some chance of reversal. Li macro/sentiment still very iffy, but its come a long way down, so hopefully some bottoming happens at these levels. ALB has lost the key level of mid 120s which I was hoping it holds. Its around 120 now. One more bad day and will test its 52 week low of 112. But sometimes in these dire situations, punters looking for a glimmer of hope. And when it comes, many make a rush and a big rise happens. Probability is not good, but it can happen. Lets hope we get a bright green day tomorrow. All the best.