The below chart has the following. Short term MA's from 3-15 days (Red). Medium Term MA's from 30-60 days (Green). 21 SMA (Blue).
The potential bottoming zone are the horizontal red lines and the important candle, IMO, when the bears tried to send it over the cliff and failed. The next day was the large green candle which closed above an important pivot point.
As already posted by others and mentioned in my last post, the gap at 223 was expected to be closed and it did Friday with a low of 222. I've noticed that the 21 SMA has been used as a technical level by traders frequently during this entire rally and correction and so it has happened again with a close dead on the 21 SMA at 224.
Monday is July 4 so US market closed. So So day Friday in US with a rise of 1% after being down in the morning. Lithium stocks flat/mixed.
As I mentioned on my previous chart posted, I expect a test of the support zone 215-220. This could happen Monday/ Tuesday. Volume dropped off Friday so an indication that sellers are in short supply and the price action Friday appeared anemic, awaiting further leads from US, macro or whatever else they want to use.
Going forward, I would like to see support respected, a nice rally out of this support to the top of the current zone to 250, some more consolidation and that would have all the moving averages converge. This would setup for the next move higher. This chart is showing signs of a bottom but having previously been stunned at the selling pressure, prepared for more shite from this lot.
Funnymentals continue to support a much higher price but as we now know with this market, it doesn't necessarily translate into the appropriate SP/company valuation. I have more patience than the bed wetting, nappy dependent traders and BS GS CS analysts so although not happy Jan with the shenanigans, happy with the PLS company performance and what that means for pension income in the not too distant future.
Good w/end all and hang in there if you can and take advantage, IMO, DYOR.
(20min delay)