Is something brewing?.From a weekly perspective, flat for the...

Is something brewing?

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From a weekly perspective, flat for the week at 28.5. But t doesn't tell the story. That it reached 32c, and was looking so positive.

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So what is happening? WC8 is playing its own game. I had written last week I had felt that something is happening around WC8, besides the macro. Just on price action. This week, the price action was confirming the same thoughts, something is happening. Until today. Today's price action was indicative of WC8 falling in line with the macro. Somehow. Li macro play in control of most Li stocks. Li macro currently still weak. But after PLS buy of LRS and GT1 higher raise, many Li holders feel something similar could happen to their stock. So a slightly volatile week. During this week many Li holders tried to make a start. And some gains were decent, around 15/20%. WC8 too behaved like that. ALB too was behaving well. Still above 20% of its low. But not Ganfeng though. It made a new 52 week low today. Not before doing a runner couple of days back, which led to many punters buying in thinking we may have seen the bottom. At this stage, it looks like a false start. So maybe more wait before the bottom/reversal happens.
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But Wc8 has had a much better play than many other Li stocks. It has risen from 21.5 to 32, over 45% increase. Only a few stocks have done that recently, and mostly on news. So a very strong play from WC8, similar to WR1/RDN etc. So lets see if it continues.

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Personally no play for me. I wrote last week I will be watching carefully. I saw it move towards 32. I also saw ALB move towards 90. But Ganfeng did not confirm, it played with weakness. I thought I may play with caution and watch all the plays.

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So what may happen next week? It was looking good in the middle of the week. ALB really providing some promise. Ganfeng too a big rise couple of days back. But as I had written last week, I felt this bounce is more of a technical bounce rather than a fundamental bounce. There is still hope though. ALB providing resistance and hope, still 20% up from low. But Ganfeng has given up. It finished at 25.52, another 2 % lower than its previous low, and very close to its current 52 week low made today at 25.41. Signals from Ganfeng are not good. There is a chance ALB may be in trouble tonight, trying to hold 80. If it stays at current level, up 20% from its low, it will be very positive and very hopeful. If it stays above 80, there is still hope, and still slightly positive. But if it loses 80, there could be trouble. Also Powell to speak at Jackson Hole. He can move markets. So lot of nervousness around that as well. But at least some good things in last couple of weeks, lets hope we continue to see this trend. Enjoy your weekend and all the best.