Chart, page-508

No respite for Li stocks ?

Yes WCL gained 1.5c to finish on 43.5c on a smaller volume of just over 6m shares traded.

Nothing notable today. Overnight US Li stocks had a big drop, average drop 5%. ALB finally lost the 112 level on 4th push down, finishing at 108. ASX Li was bound to open weak as we follow US Li, many stocks made fresh 52 week lows in the morning. Some stocks recovered in the afternoon, but still many stocks finished in red.
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Like other ASX Li stocks, WC8 too started at the lower part of today's trading. Though many other stocks finished in red, WC8 did finish in green. But at this stage the volume was not there for a big rise. Last 3 days it is hovering around the 41 to 45 mark on a lower/similar volume. So at this stage it is not getting a strong catalyst to make a move. But unlike many other stocks, it is holding the level. So relative performance of WC8 is still quite good, one of the stronger stocks in this downturn play. On Li macro/sentiment continuing weakness, it would be good to at least hold this level. Its a good platform on a sniff of change of sentiment or some very good news for WC8.

Personally no trades for me here, still my average at 40. Did buy decent on Thursday/Friday last week around the play it is happening. I feel I will wait now for a decent change in sp before adding/subtracting.

So what may happen tomorrow? US Li is getting a battering last few days. ALB is in real danger of getting to 100 if the sell off continues. Macro is changing slightly, trying to get neutral for now, but Li stocks are in decline. Just from a technical perspective there is a chance of green overnight for ALB, but there are still large sellers and Li fear is in punters. If ALB recovers to get above 112, that may provide a small bounce, but 127 is the level for a bigger bounce. Will that happen? Lets hope so. All the best