Yes LRS gained 1c to finish at 21c on a moderate volume of just over 324m shares traded. Volume was similar to yesterday. . Today ASX Li stocks were on fire. After a very very long time, I could sense a strong positivity in the Li sector. In fact, it was borderline euphoria in some cases. Not sure if Li macro/sentiment has changed so significantly, but Li punters and stocks have been bashed for over a year. Many are believers and they think it will turn one day, and maybe capture back the mojo of before. So whenever there is any hint that such a situation may come shortly, or has already come, many just lap into it. And that's understandable. Many Li stocks have lost between 70 to 90% of their value. So if there is any chance that from here we gain even half of it, its still few bags. So punters know the value of getting in early to maximise gains. So no surprise there today. I feel that is one reason we saw some good gains across Li stocks today. . One question that will remain in mind of many is - have we now seen the bottom of this phase and are in reversal mode? Its not easy to answer this, especially what has happened in last one year. But when stocks move 50%+ up from their bottom, one would think that the down phase which was going is over and another phase has started. If we look at Li stocks, there are many who seemed to have bottomed around 6th Feb, some few days before, some afterwards, but 6th Feb was the key. Many stocks have now made 50%+ gains since that bottom. So there is a good chance we may have seen the bottom. But its best not to assume, so always good to follow price action. . So how are we travelling. Are we back and have seen the bottom at 12.5?
Although we can never be sure, but today we did nearly 65% gain from 12.5 - so one would think we are now in a different cycle
2 days back we reached 18.5. That was the first signal that we may be in ascendancy and may have left 17 play. In my previous post I had written that to get over 17 convincingly, we need 18.5. So although we touched 17/17.5 for 3 days, it did not give me confidence. 18.5 was a key number
Today we played in the same zone as yesterday - so now we are playing 20 zone
Upside, first key number is 24. If we fall for any reason, a hold of 17 would still be very bullish
. Personally I am writing after a week or so. Last time I had written my average was 15, had sold some at 17 and was waiting for 18.5 play to buy more. I bought back at 17.5 couple of days back. I did not buy when it was playing high of 17/17.5, although I could have picked up at 15.5. But trend sometimes is more important to me than price. Today I bought more at 19.5. LRS sometimes does line wipes on downside "before" making a move up. Who ever is playing this big way, likes to first scare then push up. I saw similar play in mid 20s. So today when two line wipes happened at 19.5, I realised this is what she has written for today. I bought some at 19.5, and was hoping it holds 19, which it did, and was expecting it will suddenly go up, which it did. I would have liked a finish above 21 for more confirmation (a new high above yesterday 21), but will take it for today, at least it finished on 21. . So what may happen next week? Tonight is another critical day. ASX Li usually follow US Li. So its good to have a green Us Li day. ALB doing some swings, trying but not able to hold big, for weeks now, including yesterday. It is still inching up though. But one day suddenly the big rise may not be followed by a large drop, and could be a game changer. Will that happen? Lets hope so. Enjoy your weekend and all the best
LRS Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
(20min delay)