I must be missing something team, but all ive been hearing on this forum is "things will turn", "the shorts are gonna burn" and "the price is holding" - none of that has been the case over the last few months. Its been a one way slide from $2 to where we sit today. The slump has been dramatic and so many ppl are now in places they couldn't possibly have envisaged a couple of months ago. For god sakes, this is supposed to be a premier stock who unlike other hope spinning companies, this one has rich assets and agreements in place. Yet, that has counted for jack sheet! Even GXY, who are swimming in cash....same story. On the day of their TH this week (POSCO deal done) holders of that stock were rejoicing. Some dancing in the streets naked. Some suggesting the stock would rocket from $4.80ish to $4 almost overnight. Guess what, since then, their lower than before the swimming in money announcement was confirmed. Those holders have since put their clothes back on and are back drinking $4 ALDI wine. Anyway, I'm sure the case is the same for all Li producers at the moment - which is why, talk of support levels, shorters burning in hell and spinning theories that give the avg mum and dad investor, hope to hold on - the same hope that has been pedalled since we fell from $2 down to $1.80, then again at $1.60, then again at $1.40 and now again at $1.10 - The long and the short of this is, the fundamentals don't seem to matter and nor do the technicals. The rules are being rewritten before our eyes.
Please, someone, anyone out there who is confident in their chart tell us all why. Why is $1.10 the new floor? Why is it not $80c, 60c, 20c etc. What makes the price we're at today a strong likelihood that the only way from here, is likely to be up?
I'm super interested in the opinions of those who have the experience, the data and dare I suggest, the crystal ball to offer up an educated opinion as to what the floor is and why, because as far as I can see, the floor keeps getting lower and lower as each week passes and whoever the forces are that are in control here, they couldn't care less about announcements, support levels, wedges, candlesticks or fib theories.
Rant over.
Sorry all. I'm just super frustrated with this stock, am down huge amts and very pissed off at what I'm seeing happening.
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