ESS essential metals limited

Today I suddenly saw some heart in front of my account. I don't...

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    Today I suddenly saw some heart in front of my account. I don't know how that happens, but it did. Don't know what to make out of it. For me it looks like business as usual. But I understand it's related to every one else who comes across my postings - so a sincere thank to you all. Hopefully we have a much better year than 2022. I think we will, but first we have to cross a few more hurdles.

    Not a start we were looking for 2023?

    Yes ESS lost half cent to finish at 32c. Our volume was still low, just over 756k shares traded. Today's trading was normal as per market and sector. The good thing was it touched 34c, so has now made the first attempt to get to the next level after 34 - its a good sign. On some better market day the push might come

    ASX Li stocks started the year in red. Of the 54 stocks that I track, there was average loss of around 2%.

    What next:
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    On Friday SP 500 lost just 0.25% on 3839. It touched 3800 and finished more or less on the day high, which was considered positive by many. Although it was still red, but not much - certainly nothing to indicate that ASX will nearly capitulate today. And it did. In morning ASX was close to 2% down. It pared some losses, but still had a big decline of around 1.3%.
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    SP 500 is now trading in the same range for just over 2 weeks (mid 3800 +/-). Enough consolidation has happened. There have been few strong efforts by the bears to break critical number of 3750, but they have not succeeded. Its not a victory for bulls, but at the minimum it is still neutral, if not positive. First target if we have to go up is cross 3900 (a few more before that), most critical 4030.
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    Looked at more charts on weekend and listened to many analysts. Medium term many are bearish. But short term, indicators are still pointing towards some sort of bounce. The way ASX traded today, it looked unlikely though.
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    Last year the first trading day we all started with a decent green across most sectors, most stocks. But finally the year didn't end well. When it was a big red today, the only solace and hope I was giving myself is at least we have had a different start in 2023 compared to 2022 - we could finish differently as well. Lets hope so.
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    Personally I am playing for a bounce, carrying the risk that it may not happen. So have picked up some trading stocks but will go with tight stops. The big one in Li where I put a lot and wrote on weekend report surprisingly did very well, lets see.
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    So what will happen tonight? Difficult to say what will happen. ASX and other Asian markets traded as if they expect a big red tonight on US markets. SP 500 has held well till now. If we don't get a good green, if we can still finish in the similar range, it may still be considered positive. Will that happen? Lets hope so. All the best.

 
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