I totally agree @Jlock. There is so much ignorance around the Lithium sector, and traders play off it. Hence many of the latest broker reports knocking many companies including CXO for 6 of late - too easy for them. It will rebound as the more stupi ... I mean, uneducated investors either leave or get clued up on what's going on. There will be a structural deficit of lithium for the next few years at least. Some predicting until 2030, although I'm not that bullish long term.
Back to the charts, the long term support line may yet be hit over the coming weeks, but I very much doubt it will go lower. Heavily oversold the last few weeks. Volumes dropping off seem to indicate sellers are becoming exhausted, and MA's are looking to be starting to turn:
I am expecting the momentum to change over the next fortnight. Would be nice to get a major upgrade to the BP33 announcement soon to help things along.
What I'm most interested in is getting regular updates and photos from the CXO team on the progress made with the DMS plant. "Early 2023" doesn't really tell us a great deal, and it helps create doubt / SP weakness.
Only once the resource upgrade is announced and the DMS plant is commissioned can I see this going anywhere close to where it should be ($4bn+ medium term). The odd $20m shipment of DSO is going to do nothing for the SP short term (although it is nice to get some cashflow in of course).
Also news on the anticipated production capacity increase would be nice (although first comes the resource upgrade to warrant it).
Patience is required but should be well rewarded for CXO holders.
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Open | High | Low | Value | Volume |
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18 | 696542 | 0.082 |
21 | 1061631 | 0.081 |
55 | 3669749 | 0.080 |
5 | 136961 | 0.079 |
Price($) | Vol. | No. |
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0.086 | 101499 | 3 |
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