PLS chart, page-22237

Hi Folks

Back home after long travels.

I thought that I would have a quick look at the daily charts first. The signals are bearish.

As you can see on the chart there seemed to be some form of support waterline around 3.40's with the occasional dip and dive (but resurfacing in a matter of a days) along the way. Then a sustained leak downward. Which raises the question of where the new lower support waterline will form.

Around 3.10 seems plausible but requires confirmation. If we get a multiday series of daily candles trading entirely below 3.10 then the quest for the next newer lower support waterline is not yet complete.

If 3.10 is to be the next lower waterline then I would expect a B-wave retracement bounce upward at least to the 23.6% (dubious) FIB before splashing down and bouncing again off the waterline.

Other bearish signals.
The 10DMA crossed below the 40DMA 20 TD's ago and both are heading south.
MACD has been negative for over 25 TDS.
The last time the SP was as low as the recent 3.07 low was Aug 2022.
The last 11 TD's sideways action does not look convincing. Doesn't look like the bulls see any bargains yet.

Finally there is currently an unfilled daily gap at 2.60 to 2.62 from 28 July 2022. With ALB , Ganfeng , Tianqi and even the LIT eft filling gaps this year its worthy of attention over the next half of the year.

In the drop from 4.24 to 3.07 there hasn't been a convincing significant B-wave bounce as yet, thats why I called my FIB dubious.

My weekly bearish charts will follow. But I am beginning to think that the recent US tariffs imposed on batteries and EV's coming from China is having no small effect on the entire industry across many sectors.

As always just the way I read the charts and markets, so DYOR.

cheers Lies