Still playing the macro..
From a weekly perspective, a gain from 20 to 22. Most of the play I felt was how other Li stocks were playing. Li macro so strong currently, that most stocks are not able to carve their own path.
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So what is happening? Playing Li macro. And the Li macro has become very volatile, big rises and big drops. Although most Li stocks gained on this as the rise was higher than drop, and WC8 I feel also gained on this. It made a new 52 week low of 18.5, but has rebounded. But after all that euphoria, I feel we are back to drawing board by this Friday.
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ALB is still down on a weekly basis, though it has to play tonight. Ganfeng made a new 52 week low at 24. 90 this week. Then on the rally, jumped to nearly 28, but finished today at 25.58, just over 2% from it's low, down 1.5% for the week. So not looking good at this stage. The rally looks more like a sucker rally, let's hope it's not.
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Personally, last week I wrote I had picked up some at 19. 5. I got out on 22. 5, though it went a bit more as it went to 23.5 , but I was not comfortable how the sector was becoming volatile, so thought will pick up my small gain and then see how it plays.
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So what may happen next week? I feel it may play Li macro. We need ALB to reach 106, Ganfeng 35, till then I feel, there is no confirmation of bottoming and reversal. But as the big rally showed, it may take only a small change in sentiment for that to happen. Let's hope it happens soon. Enjoy your weekend and all the best.
(20min delay)