Is the bottom in?.Yes, WR1 had a very strong day, gaining 6c to...

Is the bottom in?
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Yes, WR1 had a very strong day, gaining 6c to finish on 77.5. The volume was very good - over 2.5m shares traded. So on a very good day it has scaled back the loss from yesterday and back at 77.5 of Monday.
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So have we reached the bottom or more to go? Difficult to say. Li macro sentiment is at its lowest. This week is notorious for June tax transactions. So overall most Li stocks looking very weak. Many thought that we may have made yearly lows in early Feb this year. But it was not to be. More than half of Li stocks I track have breached the Feb lows. WR1 has been lucky that it had very good rise from its bottom of Feb 51.5. So even though it has fallen a lot, its still much ahead from there, and much better than many other Li stocks. So we need something to change. But at this stage the sentiment is so poor that many don't know where it will come from. But its not unusual to see the bottom happening when the sentiment is weakest. So lets see if that logic applies now to the sector. Also 70 has held for now, a psychological number, it helps.
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Personally I was very much tempted today when suddenly many Li stocks started rising. Finally decided to wait for a day or 2. If the sentiment is really changing, big gains can be made, so I feel no need to pick bottom. Just my thought, anyone buying in early 70s may have done well, lets see.
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So what may happen tomorrow? A very big surprise today from China. Most Li stocks rose 7 to 8% - one of the biggest jump of recent times. Why is that? Not sure at this stage. Whether sentiment is turning, or as they say - a dead cat bounce. Ganfeng rose 7.5% today. Seasonally, this is a time when stocks can bottom, based on earlier years. But the sell off in the sector has been relentless. To the point many are just getting out, now for several months. Even though Ganfeng rose 7.5% today, its still down 2.5% for last 5 days. So the sector has to do a lot of catch up before sentiment may return. But there is hope now. If US markets follow China, very good chance for ALB to get back into 3 figures, over 100. Hopeful ASX June tax sell transactions are done as well, I think or very close. So a very hopeful day coming up soon. We need a follow thru, at least 3 good days, or not falling, that will certainly bring in some into the sector. Lets hope it plays out that way. All the best.