...as I had mentioned here, the two major lithium hopes PLS and LTR were poised to retrace back from their premiums to align with what all other lithium stocks have had their declines.
Having broken below $1.22 support, and now closed lower at $1.16, LTR looks poised to test $1.08-1.09 next week, a breach of this level could see it continue down to $1. The weakness in the stock is despite earnest efforts by big stock loyalists buying in to support the price.
A break below $1 could take it down to 85c-89c levels which should see strong support.
...and PLS made a 3 month low at close, a close below $3.74 indicate that PLS is finally catching up with its peers to the downside, with prospects of it returning to its major support of $3.23-3.27. A breach below that level opens an abyss for its share price.
It is amazing that lithium hodlers have yet to give up despite the adverse macro conditions. And instead, they are doubling down.
This is what belief makes people do. However, a strong belief does not mean they are right.
Their faith in EV is strong but as I said before, EV would march ahead but at the expense of lithium.
LS — TradingView
