12-May-2024 : Keeping it Simple with Price Action & Technical...

12-May-2024 : Keeping it Simple with Price Action & Technical Analysis

Interesting breakout on the Long Term Weekly LRS chart, since the large correction in 2018.
Nothing new here, this has already been covered well by others in this thread. This is just my view and analysis.

** The LONG TERM down-trend halted in 2020, and after a long consolidation, the stock has been in an uptrend, evident from the GREEN arrows showing the HIGHER LOWS structure.
** It hit its last peak from 2018 in 2023, and as we know from the Lithium prices, it corrected BUT ... DID NOT BREAK ITS LAST LOW zone. This was very positive, confirming that the long term Up-Trend remained intact, and just would have to bide its time for the right opportunity.
** That opportunity comes now with improving lithium prices, and as we can see the price has broken from last resistance zone and inching torwards its next ORANGE resistance zone.
** It would be good, if it now consolidates between the immediate ORANGE zone and the GREEN zone below it, which will confirm the evidence and it should then make its journey towards the long term resistance zone at around 0.4...

Lets see, if the 3rd time will be a lucky breakout

DYOR as my analysis may be wrong, and DO NOT trade without a Stop-Loss.