GLN CHART THREAD

[shiok]

Like you said, GLN is range bound and it does look like GLN is in no man's land at the moment, waiting for something to happen.

Yes we have lots of news incoming!! I believe market is waiting for two main things which should be catalysts.
1. Increased resource + upgrade from indicated to measured - was originally due 2022 Q2, then moved to 2022 Q3.
2. DFS - originally due 2022 Q4 , but moved to 2023 Q1

I think c1 - 01 - 22 was a dud ( see announcement 31 Aug 2022) The next one was supposed to be in del condor ( dc - 01 - 22 ), but someone saw on the satellites drill pad being set up at Catalina. Communication from management is poor, guess they are busy.

I would want to go to the AGM , as I am quite disappointed with the performance rights. I have voted AGAINST them.

Yes, from Perth =) You?

 

[BEISHA]

Like you said, GLN is range bound and it does look like GLN is in no man's land at the moment, waiting for something to happen.

Yes we have lots of news incoming!! I believe market is waiting for two main things which should be catalysts.
1. Increased resource + upgrade from indicated to measured - was originally due 2022 Q2, then moved to 2022 Q3.
2. DFS - originally due 2022 Q4 , but moved to 2023 Q1

I think c1 - 01 - 22 was a dud ( see announcement 31 Aug 2022) The next one was supposed to be in del condor ( dc - 01 - 22 ), but someone saw on the satellites drill pad being set up at Catalina. Communication from management is poor, guess they are busy.

I would want to go to the AGM , as I am quite disappointed with the performance rights. I have voted AGAINST them.

Yes, from Perth =) You?

Haha, TRADING HALT..........significant resource upgrade.

Great call mate.

My SMSF will get a nice nudge up come Monday..........that will break the range bound movement no doubt !

My only disappointment is i didnt buy GLN in my trading account...........but i have 30k on the sidelines which was left there for ASN resource upgrade............guess where that is going now ?

You going to change your mind about the performance rights ?......

I think GLN management are the better ones going around personally and i will vote AFFIRMATIVE come AGM

Yes mate, i am a PERTH lad.........reside in Kensington.......not that far away from GLN headquarters Nedlands across from the swan river.

I reckon the resource upgrade announcement will be the catalyst for sub wave 3 up to reach the 1.618 fib target 201 sometime this year......


imo

 

[shiok]

@BEISHA did you read the announcement? 5.8Mt LCE!!!! With 4.4Mt as measured. Simply sensational outcome and has exceeded my expectations greatly!!! We are now on par with our neighbour AKE ( sal de vida) . And have even exceeded LTR resource size now.

What are your thoughts, are we progressing as expected for this w3? I am surprised we are still around the 1.50 price.

 

[BEISHA]

@BEISHA did you read the announcement? 5.8Mt LCE!!!! With 4.4Mt as measured. Simply sensational outcome and has exceeded my expectations greatly!!! We are now on par with our neighbour AKE ( sal de vida) . And have even exceeded LTR resource size now.

What are your thoughts, are we progressing as expected for this w3? I am surprised we are still around the 1.50 price.

Of course i read the announcement bro, i also read all the HC GLN posters price predictions prior to the announcement too......which was a real lol.

5.8mt @866mg/l li is a monster number for HMW.........combine that with Candelas its 6.5mt @839mg/l/li average.

What i liked in the announcement too was Catalina & Pucara tenements were not included in the resource update....so plenty more upside IMO

Are we progressing as expected for sub wave 3 up ?

You betcha, by my calculations, GLN has minor sub wave 5 up to go, to complete sub wave 3 up and hopefully hit my 1.618 200 target ( $2 club ) sometime before EOY.

To achieve that tho, RSI 14 is probably going to have to replicate the high point back in April ( green bubble )

MACRO will also have to behave too.

Dow futures tonite is predicted to be green again.......120pts was the number last quoted as i write this post.

Onwards and upwards hopefully.

imo

 

[shiok]

How we looking @BEISHA . Looks like we are about to have another break out as 160 has been tested today. L1 Capital have been selling hence price being capped.l recently. I think they are done though.

 

[BEISHA]

How we looking @BEISHA . Looks like we are about to have another break out as 160 has been tested today. L1 Capital have been selling hence price being capped.l recently. I think they are done though.

@taofufa

Yes there has been a few attempts to break 159/160 resistance ......but no cigar.

As you may know, corrections have a 3 point component ABC, so i am questioning whether the C component has yet to play out....

RSI 14 after hitting over bought 70 is now retreating..........will it drop back to 50 support ?

If indeed the C is playing out as we speak, then the 61 fib support 140 is more than likely the resting point before minor sub wave 5 up enacts.

A clear break of 169 resistance would confirm the swing up.

Another thing to consider in the equation is the DOW.

After a pretty good run, the worm is turning bearish, which wont help GLNs cause in the short term, or any stock for that matter.

So in conclusion , my thinking is that GLN will probably drop to 140 before the next leg up, in the absence of any news factor, but i have been wrong before, so time will tell .

imo

 

[taofufa]

View attachment 21109
@taofufa

Yes there has been a few attempts to break 159/160 resistance ......but no cigar.

As you may know, corrections have a 3 point component ABC, so i am questioning whether the C component has yet to play out....

RSI 14 after hitting over bought 70 is now retreating..........will it drop back to 50 support ?

If indeed the C is playing out as we speak, then the 61 fib support 140 is more than likely the resting point before minor sub wave 5 up enacts.

A clear break of 169 resistance would confirm the swing up.

View attachment 21111

Another thing to consider in the equation is the DOW.

After a pretty good run, the worm is turning bearish, which wont help GLNs cause in the short term, or any stock for that matter.

So in conclusion , my thinking is that GLN will probably drop to 140 before the next leg up, in the absence of any news factor, but i have been wrong before, so time will tell .

imo

Thanks for sharing.

I like how you have LRS in the background

I placed another order in LRS this morning !

 

[shiok]

View attachment 21109
@taofufa

Yes there has been a few attempts to break 159/160 resistance ......but no cigar.

As you may know, corrections have a 3 point component ABC, so i am questioning whether the C component has yet to play out....

RSI 14 after hitting over bought 70 is now retreating..........will it drop back to 50 support ?

If indeed the C is playing out as we speak, then the 61 fib support 140 is more than likely the resting point before minor sub wave 5 up enacts.

A clear break of 169 resistance would confirm the swing up.

View attachment 21111

Another thing to consider in the equation is the DOW.

After a pretty good run, the worm is turning bearish, which wont help GLNs cause in the short term, or any stock for that matter.

So in conclusion , my thinking is that GLN will probably drop to 140 before the next leg up, in the absence of any news factor, but i have been wrong before, so time will tell .

imo

How about that action today @BEISHA!!! Smashed through 170 and closed near the high of the day on bigger volume than yesterday.

I did a sneaky top up yesterday at 153.5 as well.

Are we on track now to $2 for that minor wave 5?

 

[BEISHA]

How about that action today @BEISHA!!! Smashed through 170 and closed near the high of the day on bigger volume than yesterday.

I did a sneaky top up yesterday at 153.5 as well.

Are we on track now to $2 for that minor wave 5?

@taofufa

We have a clear break out from the height of minor sub wave 3 up ( 166 ), fantastic volume going thru, RSI 14 smashed back past 70, and the SP is above all the emas........yep, minor sub wave 5 up is on in earnest...nothing to fault here.

DOW had a really good week..............up nearly 1500pts...........including 400+pts on Friday night.

Looking really solid, plenty of room to move on the WEEKLY, on the cusp of a break out from the pink trend line.

Global X also had a positive week ( yellow arrow ), looks like sub wave 4 down found support at 64 /65, heiken ashi now turning green with its wick pointing upwards, if it breaks 75/80 resistance, then sub wave 5 up will be confirmed.

Going by the positive MACRO on Friday night.............GLN should push upwards further come Monday.


imo

 

[shiok]

Looks like we've come back to re test the high of the previous range. Would this be considered a health pullback due to low volume?

Keen for your commentary @BEISHA thanks.

 

[BEISHA]

Looks like we've come back to re test the high of the previous range. Would this be considered a health pullback due to low volume?

Keen for your commentary @BEISHA thanks.

IMO, the yellow arrow is pointing to the second last stage of minor wave 5 up, or a classic scenario of breaking resistance and then back test to challenge support.

If i am right, then the next wave should see us get close to $2 .

The hourly chart depicts the waves with better clarity..........

You can see the EMAS levelling out nicely ( yellow arrow ) forming a nice base around 163/164 after briefly challenging support at 159 which was resistance.

RSI 14 bounced nicely off 38 support, primed to break the all important 50 line to the upside and go for another run.


imo

 

[BEISHA]

@shiok

Well, clearly minor wave 3 up is done and dusted ( red bubble ) , thought there might have been another nudge up, but failed to eventuate , so the 1.618 target of $2 didnt materialise for that wave

So minor sub wave 4 down is in play right now, typically finishes around the 38 fib or around the height of wave 1 up ( pink bubble ).

So the 140 support line , which was recently resistance could get challenged once again, whereby hopefully minor sub wave 5 up takes over from there.

Assuming 140 support line does get hit and holds , then i have a revised 1.618 target of 248 for the full 5 minor waves ........certainly guaranteed at least to break the 199 & 209 resistance levels.

Given that a DFS for GLN is expected Q1 2023, i expect 248 to get hit , potentially more.


imo

 

[BEISHA]

@shiok

A bit of a look at the WEEKLY for GLN.

Despite sub wave 4 down still playing out, trend is still our friend.

The trend for the RSI 14 indicator is absolute text book, perfectly placed just above 50 and looks set for the next leg up.

SP above all the EMAs except the 5 ema, no drama there.

Yellow arrow pointing to a inverted hammer candle, bullish when it appears on a down trend, so next week we could see a reversal.

A clear break of the 23 fib ( 158 ) resistance, would confirm sub wave 5 up.


imo

 

[shiok]

Looks like we tried to fill that gap @BEISHA But it didn't quite fill. Is that normal?

Is this the bottom ? That sell off recently was brutal!

 

[BEISHA]

Looks like we tried to fill that gap @BEISHA But it didn't quite fill. Is that normal?

Is this the bottom ? That sell off recently was brutal!

Runaway gaps dont always get filled , in fact , in my experience, alot dont.

Not that it really matters much to me anymore, since i use HEIKEN ASHI candles these days primarily, gaps dont show up at all, its all about the waves for me.

Whilst this sub wave 4 down did drop a bit lower than expected, i dont consider it " brutal ", just ELLIOTT WAVE doing its thing, sub wave 4 downs usually finish around the 38 fib ( height of sub wave 1 up ), but can dip a bit lower, it aint a exact science, but generally GLN follows EW rules rather well in general.

Blue bubble displaying a inside bar , followed by another confirmation candle with the wick poking up, so looks like the bottom is in, but for sub wave 5 up to be confirmed, i would like to see 160 resistance broken to the upside, SP to get above the EMAs, and RSI 14 to get above 50, in doing so, also getting back above the yellow trend line.

Lets see how it plays out.

imo

 

[Sparrowhawk12]

View attachment 23346

Runaway gaps dont always get filled , in fact , in my experience, alot dont.

Not that it really matters much to me anymore, since i use HEIKEN ASHI candles these days primarily, gaps dont show up at all, its all about the waves for me.

Whilst this sub wave 4 down did drop a bit lower than expected, i dont consider it " brutal ", just ELLIOTT WAVE doing its thing, sub wave 4 downs usually finish around the 38 fib ( height of sub wave 1 up ), but can dip a bit lower, it aint a exact science, but generally GLN follows EW rules rather well in general.

Blue bubble displaying a inside bar , followed by another confirmation candle with the wick poking up, so looks like the bottom is in, but for sub wave 5 up to be confirmed, i would like to see 160 resistance broken to the upside, SP to get above the EMAs, and RSI 14 to get above 50, in doing so, also getting back above the yellow trend line.

Lets see how it plays out.

imo

Some whale must be dumping GLN for it to drop so much in the last week, esp today??? Else I don't understand it.
Or US Fed Reserve advising they'll keep hiking rates has spooked? Or maybe its GS, BYD ... saying Li excess in 2023 has spooked retail investors?
Maybe its the long lead time to get brine projects generating profit?
GLN has great fundamentals but SP has languished for 6 months. I wish I'd left my $$ in PLS. After DFS, GLN must get to 2.50-3.00?

 

[BEISHA]

Some whale must be dumping GLN for it to drop so much in the last week, esp today??? Else I don't understand it.
Or US Fed Reserve advising they'll keep hiking rates has spooked? Or maybe its GS, BYD ... saying Li excess in 2023 has spooked retail investors?
Maybe its the long lead time to get brine projects generating profit?
GLN has great fundamentals but SP has languished for 6 months. I wish I'd left my $$ in PLS. After DFS, GLN must get to 2.50-3.00?

@shiok

I think you will find that a combination of Lithium carbonate prices breaking down, a weakening DOW plus the idiotic comments from Goldman sucks is the root evil of GLN bearish SP............lithium sector overall is taking a collective beating, with all stocks dropping around 15% for the week just gone.

MACRO is turning to the downside, more pain to come ...imo

Looking at the WEEKLY GLN chart, unfortunately not alot of positive things i can mention, bears are in control.

a) GLN SP has broken below the 5, 9, 18, 30ema plus 20sma..........bearish

b) RSI 14 has broken trend

c) EW has broken down

Currently the SP is sitting on support at 1.20, but will be under pressure given the DOW was down another 300+ pts Friday night, so we see a double bottom 99 or lower next week if the MACRO continues its downwards path.

Sorry i cant be more positive, it is what it is unfortnately, but will create wonderful opportunities to top up if you have spare cash, once a bottom has been found.

DFS is due Q1 2023, it should be a ripper following the jorc upgrade to 5.8m/t, high grade , low impurities.

Hopefully the MACRO improves by then.


imo

 

[Sparrowhawk12]

@shiok

I think you will find that a combination of Lithium carbonate prices breaking down, a weakening DOW plus the idiotic comments from Goldman sucks is the root evil of GLN bearish SP............lithium sector overall is taking a collective beating, with all stocks dropping around 15% for the week just gone.

View attachment 24044

View attachment 24045

MACRO is turning to the downside, more pain to come ...imo


View attachment 24046

Looking at the WEEKLY GLN chart, unfortunately not alot of positive things i can mention, bears are in control.

a) GLN SP has broken below the 5, 9, 18, 30ema plus 20sma..........bearish

b) RSI 14 has broken trend

c) EW has broken down

Currently the SP is sitting on support at 1.20, but will be under pressure given the DOW was down another 300+ pts Friday night, so we see a double bottom 99 or lower next week if the MACRO continues its downwards path.

Sorry i cant be more positive, it is what it is unfortnately, but will create wonderful opportunities to top up if you have spare cash, once a bottom has been found.

DFS is due Q1 2023, it should be a ripper following the jorc upgrade to 5.8m/t, high grade , low impurities.

Hopefully the MACRO improves by then.


imo

Thanks for the wise reasoning Beisha. I don't have time & energy to do your levels of research & analysis, but I should for the $$$. Maybe next week. I've had $$$ in GLN for a year & it it looked smart at ATH but now my "profit" is tiny. Maybe LiH & SC6 have outperformed against Lithium carbonate?? Long term I'm confident of GLN SP at AU$5.00 or more, based on others' NPV to SP calculations. It's just that I had to sell off smaller holdings in PLS, CXO, MIN to buy a house in 2021 ... and GLN was my "safe bet" to offset my only other holding, risky AVZ.
Looking forward to GLN DFS in Feb/Mar-23.
Br Sparrowhawk

 

[BEISHA]

Hi All

GLN now sitting on the 78 fib support line ( 110 )

Very over sold , with RSI 14 @ 24.9, but historically has gone as low as 19, so 99 / 92 support zone could get hit.

Dow looks bearish, lithium prices on the down slope, cant see too many positive signs apart from the fact GLN SP is an absolute XMAS gift if you have spare cash.

Fortunately............I do.

Just going to wait until a low has been established, base build / accumulation , some higher low / high.. price action, before delving in.


imo

 

[BEISHA]

@shiok @taofufa

The worm is turning ...............imo

The hourly chart confirms it .

Was 95.18 ( virtual double bottom ) the low for GLN ?

A break of 110 resistance will confirm the swing up.

I topped up at 1.07



imo