Last week I had written I had exited at 85 and given reasons. Today I felt it has come down towards its lower channel, possible support, though last time it dropped to 67. I thought it was a decent announcement but such is the market that macro/sentiment is overpowering nearly everything. So I still feel to get any decent gains we will need the macro/sentiment to be at least neutral if not positive. Due to this reason I am playing with soft hands. I know many are long termers here so it may not matter to them, but under prevailing Li conditions, I am still hesitant to commit for long - for now, it could change later.
Tonight is another crucial play for Li. Last 2 days hammering of US Li stocks. ALB is now at 114, close to its bottom of 112. Last time it barely was able to hold 112 for second time. This third time could be a tricky play. It needs to get over 127 to get out of danger zone, it may not be a reversal, but some respite. If 112 doesn't hold, danger of play around 100, which most Li stocks won't like. Based on trading pattern, odds are it should finish in green tonight, but way things are going, its best to play the price action. ASX Li usually follows overnight US Li, so lets hope we get a good one tonight and some green/respite for ASX Li tomorrow. All the best.
PMT Price at posting:
73.0¢ Sentiment: Hold Disclosure: Held
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