Daily Discussion, page-3371

Just another weekly update from me.

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On a weekly perspective, we did lose. Last week we had finished at 6.8 and this week at 5.4 - so decent, but considering couple of weeks back we were in the 3s, still good gains have been held. Volume wise, there is now a steady decline in volume in last week.

So what is happening now? There will always be 2 theories. The positive one will say that we had very good gains, we can't go in a straight line, we were moving away from all moving averages etc, so we need price to come back and do back test, consolidate etc before we make the next move. This could be very healthy for medium term and may not be unusual to how most stocks do their re-rates. The negative one will say that it is playing like 80 other ASX Li stocks which go thru Stage 1 (potential/hope/hype) gaining multiple 100s percentage and then falling back till a final confirmation of drill results/resource is not available. I don't think we can conclusively say which one is being played out. This is just my assessment, I could be completely wrong, so please dyor.

Personally I wrote this last week -
Personally I let go 40%of my shares at 7.2. If 6.4 was not looking like holding, I would have exited completely. Also usually I sell 80%, but today 40%, because I thought it's still in upper range. Some may be thinking I am like a day trader. I will admit that I play this phase with very soft hands. Don't think twice before exiting.

So this week when it failed to cross 7, I exited my rest 60% at average 6.8. Just a calculated risk at this stage, I know it can shoot up any time, so will be watching every trade. I know holders don't like any one selling, some non-holders got a bit of flak when I read the posts, so am bracing up for it - though in my case I feel I have very open in my position/play even up to last week, but ..

So what may happen this week? There was a good bounce back from 4.9. For the upside, I feel it needs to cross 6.1, which was previous support. If for some reason it drops, level around 4.6 had acted as good support in recent times, if that holds we should be good.

For those interested how stock is tracking against other Lithium stocks or who hold multiple Lithium stocks, I do a Weekly Report across 96 ASX Li stocks. It has got Weekly/Yearly data how stocks are tracking. I also have commentary across general markets and sector. Those just holding specific stocks, it may not be relevant, so please ignore.

Here is the report for this week.
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https://hotcopper.com.au/threads/sya-weekly-report.6951924/page-2#post-71112191
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