Weekly data and thoughts. . Please not that all my views are for short-term only, and I could be wrong, so please dyor. . . . Lithium Sector Overview- . .From a weekly perspective, WR1 remained flat at 13.5. It made a new 52 week low at 13 this week. So rounded up the drop from 260 to 13, making it an exact 95%. Not a good print and a dubious number to hold. But it has been coming slowly for a long time. When I was writing in 120/140 play, that things not looking great, all round bashing by faithfuls. That didn't stop me from writing. But yes, based on numbers, I was mostly playing for any swing trades thAt may happen. I did that in play between 50/70, but that also is gone now. So nothing to attract even swing/short term punter like me, would be very rare to get someone long-term. WR1 was a darling few years back. Lithium was a darling few years. So important to play a sector, stock sometimes does not matter. But I feel for all those who have lost. I have been writing on WR1 threads for over 4 years, so understand the despair. I can just say, things could and may change. No signs yet, but possible. I wish for all of you, it happens sooner than later. All the best. . . Major price action indicators-
ALB - gain of around 1%, so kept the gain from last week, and now over 20% from its lows - crossed 65 but could not sustain, for now
Ganfeng - Gain of around 2% for week, Tianqi gain of around 1% - both were in positive last week as well
PLS/LTR - PLS gain of 5%, LTR gain of 12% - so big gains, on top of gains last week
Spot Price - Gain of around 1% for week, after a long time a weekly, not big, but consistent with how all the big stocks are doing
. So what do these numbers say?
There are some signs that a bottom may have been formed, but no confirmation yet.
Also no clear signs of reversal yet. There are no clear signs of reversal for the sector. But there are signs that it may be bottoming out.
All big stocks which I use as indicator - ALB/Ganfenq/Tianqi/PLS/LTR - they are all above the first level, which is 20%.
Second week in a row that all big indicator stocks finished in green
Second time in recent play, LTR is making another attempt to break out. Last attempt it reached 85. Is back in 70s now, so an important play for sector coming there
On the flip side, though Spot had a small gain this week, it is near in last few years low, so a long way to go
Most Li stocks, both ASX and US, are still at or close to their last few years low, so they are not showing any signs of bottom/reversal yet
PersonallyI have not been playing Li stocks as I have mentioned a few times last several months. . So what may happen next week? On Friday night, US Li stocks were in red. General markets had a big red. So a tentative may be on Monday and then wait for Chinese markets to open and provide some direction. . . Here is the Figures for the Week:. . .
WR1 Price at posting:
13.5¢ Sentiment: Hold Disclosure: Not Held
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