It's looking positive, isn't it?.Last weekend I wrote how I like...

It's looking positive, isn't it?

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Last weekend I wrote how I like the play over here. I had written if we break our big resistance of 24, a play of 28 may happen. We did break the resistance of 24, but have not yet reached out 28. So not there yet, but a strong finish to the week keeps that option open. From a weekly perspective, a move from 23.5 to a 26, many may think not spectacular, but considering this is the best finish in over 4 months, it's worth relishing it.

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So why are we moving up? Last weekend I wrote I was very impressed with price action, LRS doing better than many other Li stocks, as if there may be some news shortly. I still believe in that theory, though no news this week. Secondly, in my last weekly report I wrote how I like ALB reaching 128, a number I talk a lot about. It's neutral zone for me, from Li macro perspective, just an indicator I use. I had written it needs to hold that. For positivity, it needs to move towards 140. It hasn't reached there but finished in 130s the whole week. Something it has not done for a while. I feel, some gains or any slightly positive feelings for Li stocks, we have to attribute some to that. That's my feeling, I could be wrong, so please dyor.

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Personally I did buy this week, my average 23. I am playing for at least 28 if things go in direction I am thinking, but any news or further improvement in Li macro opens up a play of the 35. A big task, but I feel possible. I will hold till I feel we 24 is looking like holding. Sometimes I face a lot of flak on selling, but I am not strong on fundamentals, so follow price action. Please don't bash me like one other thread where everyone jumps on me moment I sell.

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So what may happen next week? Any news can make a difference. Otherwise Li macro, or more importantly, ALB trading could provide directions. China Li didn't do well today, so a test tonight for ALB. Worst case needs to hold 128. For momentum to continue, finish in 130s. For a positive vibe, get towards 140. Let's hope it plays out that way. Enjoy your weekend and all the best.