This is the 'real' consolidation after that epic three/four-month run. I was expecting this to peel back to 15c a week ago, but silly me (going against all my indicators) I bought back in after that dip on the 19th. My stops bailed me out this morning.
I think the fall is based on the latest announcement/brief - it consists of a lot of word salad but very little meat. Most of us (I assume) are buying on the back of Mt Cattlin coming online, but the lack of solid dates and timeframes (and likelihood of timeframe blowouts) might have also left investors coy-ish. The next earnings report is bound to be underwhelming too - and so too future ERs until we have whispers of imminent commencement of production. It's all about that lithium.
Of course, the global economy isn't helping either - a lot of people are converting to cash to stop investment losses. Virtually every casual investor relies on a bull market - we're most definitely in a bear market right now. And it's likely to continue for quite some time. They might have seen the MACD cross on this stock today and decided to play safe for a while.
I'm sure it (GXY and GMM) will bounce back, but I think this is the beginning of a longer period of stalled momentum - much like what was seen from mid-November to mid-December. As such, i'm expecting prices to hang around the mid-teens for a while.
