RDN - holding the level?.From a weekly perspective, a small drop...

RDN - holding the level?

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From a weekly perspective, a small drop from 2.4 to 2.3. A similar play like last week. All week it played in a very small range 2.2/2.4. Volumes, comparatively much smaller. So, at this stage it is in an undecided state. But holding the level may still be good, for now.

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So what is happening here? Same as what I wrote last week. Playing the macro. The Li macro is not in a good state. Spot price dropping further. ALB which I track for barometer is trying to hold 70, last week it was trying to hold 80. . But ALB has risen 10% from its lows - so some hope of bottom. Ganfeng within 1%of its 52 week low, doing a new 52 week low this week. So overall not good. But some positive signs. General markets behaving. PLS buy of LRS has created some positive sentiment.

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Personally I am still waiting, want to see some signs of bottoming, of reversal, just not for RDN but for Li stocks in general. Unfortunately, none till now.

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So what may happen next week? Not sure. We want general markets to hold. Its looking better than last week at this stage. We want Li macro to improve. I don't think its better than last week. So overall neutral compared to last week. RDN has been able to hold this level where more advanced stocks like GL1/GLN/AZL are at similar level - market cap in 60s of millions. Without confirmation of resource, that's a good level - where Li market is currently. That means many hope for something good here. Its positive. Does not mean there is confirmation. We stil have to wait. Hopefully its a positive wait. Enjoy your weekend and all the best.