Is LRS fate now tied with PLS?.From a weekly perspective, a...

Is LRS fate now tied with PLS?

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From a weekly perspective, a small gain from 19 to 20. So may not look big from a weekly perspective, but there are few stories within. Firstly, last week when it reached 11, many may have been thinking if we can hold 10. This week it was about holding 20. So holders should look at that in a positive manner. Secondly, I feel now LRS fate (and its share price) is now tied with PLS. And I feel PLS share price may be tied with Li macro, unless some ground breaking news of its own. I could be wrong though. Eg LRS has another announcement, a new bid etc..

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So what is happening? Same as last few weeks. Li macro play in control of most Li stocks. Li macro currently still weak. But after PLS buy of LRS and GT1 higher raise, many Li holders feel something similar could happen to their stock. So a slightly volatile week. During this week many Li holders tried to make a start. And some gains were decent, around 15/20%. LRS though is playing like PLS, not exactly, but similar, especially from a big rise/drop perspective. We didn't see any of that happen this week, so early days, but the drift was similar. ALB too was behaving well. Still above 20% of its low. But not Ganfeng though. It made a new 52 week low today. Not before doing a runner couple of days back, which led to many punters buying in thinking we may have seen the bottom. At this stage, it looks like a false start. So maybe more wait before the bottom/reversal happens.

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Personally as I wrote last week, I will leave LRS for now.

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So what may happen next week? It was looking good in the middle of the week. ALB really providing some promise. Ganfeng too a big rise couple of days back. But as I had written last week, I felt this bounce is more of a technical bounce rather than a fundamental bounce. There is still hope though. ALB providing resistance and hope, still 20% up from low. But Ganfeng has given up. It finished at 25.52, another 2 % lower than its previous low, and very close to its current 52 week low made today at 25.41. Signals from Ganfeng are not good. There is a chance ALB may be in trouble tonight, trying to hold 80. If it stays at current level, up 20% from its low, it will be very positive and very hopeful. If it stays above 80, there is still hope, and still slightly positive. But if it loses 80, there could be trouble. Also Powell to speak at Jackson Hole. He can move markets. So lot of nervousness around that as well. But at least some good things in last couple of weeks, lets hope we continue to see this trend. Enjoy your weekend and all the best