Daily Discussion, page-6969

Testing the lower level?
..
From a weekly perspective, a small drop, moved from 5.2 to 4.8. So after some decent gains last few weeks, this was the first big test - can the rally continue, or will it fizzle out?

Last week I wrote - "So what are the key numbers? Downside 4.7 to hold. I had written last week how it was important to get over 4.7 - expecting some resistance. It acted as support this week" - So, this week again a big test of 4.7 level. 3 days we reached there. We have held it for now. Looking slightly vulnerable as that big support is being tested multiple times. So what could happen? Either we will lose that support, or if we hold, we may come back much stronger on other side. For those reading my posts, I never make predictions, follow price action, talk about ranges, but like most posters say what I hope may happen. Here I am hoping 4.7 level holds. I wrote last week how 4.7 is a big number in the trading pattern - those who may watched how RDN played this week, my thinking of importance around 4.7 was not bad.
.
The overall markets and Li sector was looking weakish this week, but in US markets we had a good day, both general markets and Li stocks. Li macro is at neutral level (more in my weekly report, link below). So a scare has been aborted, for now, not abolished. Lets hope we get good support from macro, especially Li macro. That will help us at least maintain lower level, it can also help going higher. At this stage, I am more focussed to see if we can hold here. That's me. Other people, especially those long term, it does not matter - but I have been clear, all my posts are for short-term trades.
.
Personally, as I mentioned last week, I am holding, my average 2.7 as mentioned before. No trades this week.
.
For those interested how stock is tracking against other Lithium stocks or who hold multiple Lithium stocks, I do a Weekly Report across 91 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
.
.
https://hotcopper.com.au/threads/sya-weekly-report.6951924/page-3#post-74008849
.