General Discussion Topics, page-133275

Still no respite?

Yes SYA lost 2 pips to finish on 4c. Another high volume day with over 237m shares traded, 9th consecutive day over 200m shares being traded.

On Friday US Li stocks were green. Many ASX Li stocks also finished in green, but not all. But those playing here were in same frame of mind and felt it can be pushed a bit more. And they were right, we lost another 2 pips. But the quantum of drop was lesser than last 2 days. Not sure if they are running out of steam or are happy to take it slowly down.

One reason I feel the drop is getting lower is that risk reward from lower level gets better for someone to play for upside. As I had written on Friday, the main play in the interim I felt may happen between 3.7 and 5.1. We are still in the same wide zone. We touched 3.9 today. I had also written that there may be an attempt to push a bit lower, to get a lower low than 3.7 - its possible. But I also feel that if that happens, it may mark the low of the phase. Of course the sector should be at least neutral if not positive for that play to happen. So lets see.

Personally no trades for me today. My current average of this phase is 5.1. I will pick up more, but am waiting to see how this plays out. At least will buy some at 3.7 if it goes there, otherwise higher, but maybe not at current price, as I feel its in uncertain zone.

So what may happen tomorrow? US Futures in slight red as of now. We want US Li to hold the line, if not progress. ALB is at 120. If it holds here up to 118, it may still be fine. But if there is weakness a push towards 112/115 is possible. Upside, if ALB can somehow cross 127, that may mark a first key gain for the sector. Will that happen? Lets hope so. All the best.