My read is all lithium stocks are taking a "technical" breather at the moment after such a strong and sustained move up since March.
The high of Tuesday this week was pretty much smack on where I was expecting the 5th wave to land (actually overshot it slightly by 10c or so) and I would imagine many are now taking profits off the table at this point resulting in the drop.
Indeed I sold a trading parcel on Tuesday which I picked up at $3.50 or so a few months ago for a tidy 50% gain, many others would be doing the same right now.
My best guess is this will drift back under $5, likely to at least $4.94 or further to $4.64 at the 38.2% fib in the short term in the absence of any other external news.
The next catalyst will likely be the Q2 report on the 24th July, and we may drift towards that 38.2% fib in advance of that, or possibly be thrust down there on the day if there if the report is just ok but not great.
I expect the quarterly to be pretty good, as would the market I would think, so provided it is in line with expectations or better that is likely to be a turning point and may resume the upwards momentum thereafter.
If the report is genuinely disappointing then perhaps a stronger retrace down to $4.39 may occur.
IMO a drift down to $4.64 prior to July 24th would be a healthy retrace and set up for a a good strong move upwards on technicals (and fundamentals) on the quarterly results release, and I'll be in for another top up if that occurs.
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My read is all lithium stocks are taking a "technical" breather...
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