Good evening all
Rough day in the market today for Li all around.
This is a follow-on from the post that I did a few days ago. I sort of alluded to where I thought price was going to go without being too direct. After today I am almost certain that there will be more pain to come.
Today's chart
Not really that much different to my last chart. Big down day today. Close to the next resistance point, with another not far below it. Charts are one thing, but price action on a chart is not driving the price of the Li sector at the present, it is the broader macro narrative(s) - they are all over the place.
Tomorrow's price action will be impacted, yet again, by the spot price for Li.
This has just been published this evening. Li down again. I would think that weakness in the US markets overnight will be somewhat due to this ongoing drop in Li commodity prices.
The chart - if anyone is interested.
https://tradingeconomics.com/commodity/lithium
I suspect that price will continue to weaken until after the New Year (specifically the Chinese New Year). Even then, it may take sometime for prices to build some momentum to the upside.
One of the biggest questions that needs to be answered is what is the demand for battery tech next year and in 2025? Further, how will this impact existing stocks of raw materials and in due course mine development?
IMO DYOR
New TA/Charting, page-13703
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