FFX_Chart Only Thread !, page-535

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mcgaffen

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01/06/21

10:51

Post #: 53557541
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Originally posted by taylorstjames: ↑

Here's my humble take on where things are at.

The current SP presents a nice buying opportunity as I believe we are trading at the short term demand zone. Its also sitting quite nicely within the weekly S1 (0.325) and R1 (0.439) levels.

Given the solid and regular news flow, which is a massive kudos to the management that present facts and not use hype in the language of the announcements, I believe the sell off last week was due to a brief profit taking before the end of the financial year (one of those 'Sell-in-May-and-go-away' type moves). It was interesting to note that throughout all of this, the On-Balance Volume has barely dipped down, because the longer term accumulators were happily taking the opportunity to accumulate at the previous demand level (discount to what they would have been mandated to pay for)

The RSI correlates with this hypothesis showing that slight dip, and I believe the selling is over, as evidenced by the stabilizing of the RSI. It is currently sitting at < 50% which is slightly oversold.

What I could foresee is minor sideways movement before we quickly re-rate back to test the weekly R1 (0.439) and R2 (0.52) levels which would represent a very bullish sentiment.

Looking at today's news about Pit 5 and every day being one step closer to seeing the Goulamina deal materialize, I'd say we are in the last days before a massive re-rate to fair-value in the 60s and 70s before LithiumCo demerges.

All DYOR, Carn the mighty Finch!

Expand

IF 0.37 can establish as new support, then that is great. Some consolidation would be nice, to lock in a longer term trend. However, looking back, perhaps this could be a cup and handle pattern playing out, which, in theory, has further to fall.

FFX Price at posting: 37.0¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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FFX_Chart Only Thread !, page-535

Top Stories

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Buxton projects new graphite province discovery at WA Narryer play

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

BCI reaches close of funding facility for salt-first part of Mardie project

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

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