Chart, page-587

Getting ready for next big move?
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(Just a reminder that Hot Copper has got a very good function - Ignore button. I know I don't write for everybody or most. So those who don't like my post, please use that function - good for everybody. I know for some venting out is a key activity on HC, but doesn't need to be. All the best)

Yes WC8 gained 4c to finish on 59 on a moderate volume of just over 10m shares traded. It opened on a weaker not but finished strongly.
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Yesterday US markets were down. US Li stocks were also down. ALB was in turmoil. Lost close to 8% and is now at 114 level. All signs were there that another bad day for ASX Li stocks. Many played with red on open. Then again some China news. A push that was very much required happened. Though some still finished in red, but it was much better than early morning. Lot of stocks rebounded, many in green as well. So turned out to be an ok day rather than a bad day. For us, it was a good day.
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WC8 also like many ASX Li stocks opened weak in red, but did not go down much after open - that itself was the key. Then the sentiment changed and the buyers were back. It looked like today was the day it would go over a number I have been calling for a number of days - 62. Well it reached 61.5 and slightly lost out steam, but still finished a credible 59. This was our highest finish since coming down from 101 and breaking 60. Also 61.5 was also a new high in this reversal process. So both indicators very positive. It seems it is raring to go on its own. Any catalyst, like an announcement would certainly make it easier and faster. Downside low 50s is still the key, upside, to get over 62 and get to around 68 where previously some plays used to happen.

Personally I did let go some at 61. As I have mentioned 62 is a key number I am waiting for, so when it didn't get there even though very close, I thought I will check in tomorrow. Odds are good if US Li do good overnight, would be happy to buy back higher as my other holding will go up as well. Wasn't playing with big, but as I have written many times, I like to trade - its also like a game and challenge for me. Most here long term, hold is looking very good here.
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So what may happen tomorrow? US futures again in some red. Some tech stocks not doing well and dragging both indices and resource/risk-on assets with it. But for ASX Li players, one to watch will be ALB. I still believe we cannot have a rally in ASX Li unless US Li joins as well. Unless ALB is also on board. It is at 114. Very close to bottom of 108. Very vulnerable. Capable of souring the sentiment. But there was a big drop today. Some news buoyed us up slightly. Probability says it may not have a big red, but nothing can be ruled out. First step, regain 120 and then get over 127. That will certainly help. Will that happen? Lets hope so. All the best