General Discussion Topics, page-131999

Third time lucky?
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Yes SYA gained 5 pips to finish on 6.4 on another big volume day of just over 200m shares traded.
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Yesterday US markets were down. US Li stocks were also down. ALB was in turmoil. Lost close to 8% and is now at 114 level. All signs were there that another bad day for ASX Li stocks. Many played with red on open. Then again some China news. A push that was very much required happened. Though some still finished in red, but it was much better than early morning. Lot of stocks rebounded, many in green as well. So turned out to be an ok day rather than a bad day. For us, it was a good day.
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SYA like many other ASX Li stocks opened in red. It quickly reached the first level of 5.5. That was the key, as I felt if it failed there then we may have to play on our last number to keep this reversal in strength - 5.1,. But some news and change in sentiment helped. Quick line wipes and suddenly we were on our merry way. As I wrote yesterday, stock is now very volatile, volume for last 6 days over 200m. Also played in a wider range due to this volatility - between 5.5 and 6.5. But the finish was strong. It was good to see us finishing towards the high of the day.
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As I wrote yesterday, in Dec we reached 7.4 (and again 7.3 after small drop), coming back from 5.1 low. Yesterday we reached 7.2. There can be two plays here. Like in December another attempt at 7.5 and fail. Or now get over 7.5. Its difficult to say what may happen, and normally I don't like predictions, as I feel its better to play action. But my gut feel is that we may make another attempt towards 7.5 shortly, whether we succeed is to be seen. So will we third time lucky?. Lets hope its a good one.

Personally I picked up some more at 6 today. Yesterday I had said I had exited at 6.9 and bought back some at 5.9. Today I bought back rest at average 6 when it returned from 5.5 - I was waiting to see if it crosses back 5.9, didn't want to buy below, just based on what has happened and to manage risk. I felt trend is more important than price. My average for this phase is around 5.9. Though we finished at 6.4 today, if US Li stocks don't crash tonight, I think we may have another volatile and hopefully a good day tomorrow and 7s could be on the cards
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So what may happen tomorrow? US futures again in some red. Some tech stocks not doing well and dragging both indices and resource/risk-on assets with it. But for ASX Li players, one to watch will be ALB. I still believe we cannot have a rally in ASX Li unless US Li joins as well. Unless ALB is also on board. It is at 114. Very close to bottom of 108. Very vulnerable. Capable of souring the sentiment. But there was a big drop today. Some news buoyed us up slightly. Probability says it may not have a big red, but nothing can be ruled out. First step, regain 120 and then get over 127. That will certainly help. Will that happen? Lets hope so. All the best