Like you, Gekko, I've been replenishing supplies of GXY in my investment account. Can't resist topping up at $2.52/3 levels.
The lack of market depth is a sure sign of seller fatigue. Even if it drops down to test recent lows, this will be only for a short duration. Heck, even Mac Wealth has changed their tune. Here's an extract from their Commodities Comment issued yesterday (25/9/18):
Battery Minerals preferences unchanged
The changes to our lithium price forecasts were mixed, with near-term upgrades and a lift in our longterm price offset by cuts to our medium-term forecasts and also incorporating the changes to our
A$/US$ profile. We leave our recommendations for our battery raw materials coverage unchanged after
incorporating the new price outlook.
GXY and PLS remain our preferred pure play lithium stocks, with GXY offering greater leverage to
longer-term prices through its Sal Da Vida and James Bay projects. We continue to view PLS as
operating the highest-quality asset in the sector. SYR provides unique exposure to graphite and has
recently replenished cash reserves.
Company Code Market Cap (A$m) Rating Share price Price target TSR
Galaxy Resources ASX: GXY 1,060 Outperform A$2.60 A$4.00 54%
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