Just a quick follow-on from my early morning post.
I was not surprised, at all, when the 10am hourly candle was hit hard. Tesla (TSLA) was down 4.8% on it's close before the its Earnings report was released (The BYD news and preview of the earnings report seems to had some influence on that result). I read the report and it didn't meet its earning guidance estimates for the first time since 2019. A number of bearish signals along side profits falling 44%. The market had closed before the report release so some further bearish action in the SP is expected tomorrow. As TSLA is the 2nd biggest company in the LIT eft, I am expecting a further drop in LIT eft. Also Liontown (LTR) will recommence trading tomorrow after announcing a CR at 1.80 for institutional investors and a shareholder offer. The last SP for LTR was 2.79 last Friday so a very significant drop in SP would not surprise.
Some will ask about why am I talking about the LIT eft in regards to PLS ( and other large Lith companies like AKE). So as promised I have included a weekly PLS & LIT comparison chart. I have also included a daily chart. Draw your own conclusions.
Notice that the two recent DCB's in the daily chart had very little impact in the weekly chart.
I mentioned in my previous post that the weekly chart trend is still bearish. It will change eventually, but giving no bullish signals as yet.
Just the way I deal with the markets so that I am not surprised by what plays out, as always DYOR.
cheers Lies
PS Still watching those opening 10am hourly candles.
PLS Price at posting:
$3.86 Sentiment: Hold Disclosure: Held
(20min delay)