WR1 General Discussion, page-25786

Have we seen the bottom of the big down phase ?

Yes WR1 gained 11.5c to finish at 76c on very good volume of just over 3.5m shares traded. Volume was highest in over a month.
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Today ASX Li stocks were on fire. After a very very long time, I could sense a strong positivity in the Li sector. In fact, it was borderline euphoria in some cases. Not sure if Li macro/sentiment has changed so significantly, but Li punters and stocks have been bashed for over a year. Many are believers and they think it will turn one day, and maybe capture back the mojo of before. So whenever there is any hint that such a situation may come shortly, or has already come, many just lap into it. And that's understandable. Many Li stocks have lost between 70 to 90% of their value. So if there is any chance that from here we gain even half of it, its still few bags. So punters know the value of getting in early to maximise gains. So no surprise there today. I feel that is one reason we saw some good gains across Li stocks today.
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One question that will remain in mind of many is - have we now seen the bottom of this phase and are in reversal mode? Its not easy to answer this, especially what has happened in last one year. But when stocks move 50%+ up from their bottom, one would think that the down phase which was going is over and another phase has started. If we look at Li stocks, there are many who seemed to have bottomed around 6th Feb, some few days before, some afterwards, but 6th Feb was the key. Many stocks have now made 50%+ gains since that bottom. So there is a good chance we may have seen the bottom. But its best not to assume, so always good to follow price action.
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So how are we travelling. Are we back and have seen the bottom at 51.5?

• Although we can never be sure, but today we did nearly 50% gain from 51.5 - so one would think we are now in a different cycle
• Yesterday was the first day I felt that the stock is playing with strength. We reached 67.5 yesterday which we had also reached few days back. But those 2 days were different. Previous one we finished in moderate red, yesterday moderate green. First good sign of holding the gain.
• Today we played strongly on a very high volume comparatively. Although we started below yesterday's high, but soon embraced 70s
• Upside, in patterns don't see any numbers. Our drop from 100 was near vertical, there was no support. I am hoping the rise too is without resistance. Downside, would be good to hold 67.5.

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Personally I am writing here after 3 weeks. Last time I wrote was when price was 60. I had mentioned my average was around 66c. I had decided not to buy more in downtrend and only when it goes up. So no play for me in 3 weeks hence not writing. So I didn't buy anything in 50s, only yesterday I got first feel of something happening, so picked up some more yesterday and today, but my average is still 66, but with more shares now. Lets see what's in store.
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So what may happen next week? Tonight is another critical day. ASX Li usually follow US Li. So its good to have a green Us Li day. ALB doing some swings, trying but not able to hold big, for weeks now, including yesterday. It is still inching up though. But one day suddenly the big rise may not be followed by a large drop, and could be a game changer. Will that happen? Lets hope so. Enjoy your weekend and all the best