Hi
@Rainman56.
My amateur take. I agree, the triple top came true and we got smacked down to around the 52c area. I don't think we're likely to see the 50's again. On your chart there, a possible triple bottom and the resultant bounce happening?
It has been in overbought territory since the quarterly (dropping off now), and trading above the MA's. Usually stocks don't stay above the MA's very long, and you can already see we touched the 5 day MA today. We tend to hang around the top of the MA's for a while, and with the MACD and signal lines crossing above the zero line (a lot of traders use the MACD crossover point for their entries and exits), it hints strongly to me that we are seeing upward momentum, and will continue to drift upwards for a while. With the gap closing, I don't see any reason we'd drop significantly from here:
I do love the MACD crossing the zero line ... ^^
I still think we are due a major re-rate this year. In the news we have reports of substantial EV / BESS demand, Li mines closing or going into care and maintenance (even Chinese ones), new projects being shelved, political unrest in Africa (anyone fancy opening a mine in the DRC right now?), huge giga factories opening, and coming up we have the annual Chinese restocking which typically pushes up prices (a lot of mines are now refusing to sell Li at current prices - a long time coming if you ask me).
So a long winded answer to your question, I don't see another big push down happening. That was done before the quarterly, and I don't think it will be repeated. I could of course be wrong, but my gut says we're over the worst of the games now and on an upward trajectory.
(20min delay)