Hi All
I thought i would set up this thread for folks who have spare cash, wanting to take a breather from conspiracy / corruption news regards to the ongoing extension / suspension of AVZ..............and change the focus into making some money via trading.............hopefully.
Progressively , I am going to drop some charts on my watch list, with the aim to trade them over time, some are tradeable now, others, not so and i will explain the reasons why
Trading stocks safely have certain rules attached to them , so if you follow my narrative, then you should be successful, failure to follow the narrative and you could get trapped......
Simples.
1) LRS
LRS is probably the hottest lithium trading stock on my watchlist right now, reasons being....
a) Recently broke out of the ascending triangle ( blue outline ), more importantly , broke the strong resistance @ 12
b) Very little resistance now until 18 / 20..........which is minor in itself.
c) RSI 14 trending nicely
d) Rising volume.
Only slight negative, is the SP has breached the upper bollie, might retrace marginally back to 13/13.5.
MRE due Q4 2022..............not long to go, expectations are high.
I recommend this as a BUY, with a stop loss just under 12c support line ( 11.8 )
( DISCLOSURE...........I HOLD )
2) GLN ( @taofufa )
GLN got to a ATH of 235, then sub wave 4 down took it back to 92, since then SP has risen methodically and is now at a very interesting / pivotal moment.
Yellow arrow pointing to a BULL FLAG pattern ( blue outline )
RSI 14 trend looks BULLISH, i want to see that push off 50 to the upside.
To confirm change of trend ( sub wave 5 up ) , SP needs to clear break the resistance zone highlighted in pink ( 167 )
Once that is achieved, then its a safe outright BUY with a target price over time of 458.
Stop loss then should be placed just under the pink zone ( 153 ) for capital protection.
Buying before it breaks the pink zone doesnt make it a " safe " buy, it becomes a speculative one, which is not the aim of the game here.
FA wise, expecting a DFS to drop Q1 2023, will be a ripper.
( DISCLOSURE..........I hold GLN in my SMSF, but dont have a trading parcel, so I will be waiting for the rules of engagement before acting )
3) ESS
ESS is a developing lithium coy with a drill program close to commencing.
A clear break of that resistance zone in red ( 52c + ) will confirm change of trend and BUY.
Very little resistance holding it back there after.
Until 52c is broken to the upside..........better opportunities elsewhere.
( DISCLOSURE......................I DONT HOLD )
4) PLS
The glamour stock of lithium has a great run, but at this stage of the game..............wouldnt touch it.
Reasons being......
a) 5 waves complete, ABC correction now playing out...........usually sub wave 2 down attracts the 50 / 61 fib levels.
b) Triple top
c) Clear divergence with SP and the RSI 14 indicator
d) SP below the 18, 30 ema plus 20sma.
e) I wonder if that large volume bar ( yellow arrow ) was the shorters reloading to drive SP further down ?
f) Clear lower lows / highs.
d) If minor 38 fib support does not hold, then no support until those pink lines / and / or 61 fib .
The only way i would entertain a trade with PLS, is if i am wrong and the ATH gets broken to the upside ( 560 ), anything else is extremely risky
( DISCLOSURE..............Dont hold, not interested............at this stage.)
5) LTR (@taofufa )
After hitting a low of 87 back in July this year, LTR has recovered well to touch the previous ATH of 219.
That being said, i now see a number of red flags that would keep me away from entering a trade at this stage..........
a) DOUBLE TOP 219
b) 5 waves complete ( sub wave 1 up ), pink lines displaying early stages of ABC correction ( lower lows / highs )
c) Clear DIVERGENCE regards to SP and the RSI 14 indicator.
If i am wrong with all this, then we should see a clear break of the ATH 219 in the not so distant future, in which case, i would enter a trade, that would be the only scenario that would have me interested.
Other than that, i would wait until sub wave 2 down finds a base, normally this wave down gravitates towards 50 / 61 fib support ( 154 / 138 )
( DISCLOSURE...........I dont hold , not interested......at this stage )
I have plenty more stocks to add to this thread in the future, but this will be suffice for now, lets see how all these stocks transpire next week.
I invite @ptlas @blu to this thread for their honest opinion and chat TA generally.
I always enjoy other traders opinions.
I thought i would set up this thread for folks who have spare cash, wanting to take a breather from conspiracy / corruption news regards to the ongoing extension / suspension of AVZ..............and change the focus into making some money via trading.............hopefully.
Progressively , I am going to drop some charts on my watch list, with the aim to trade them over time, some are tradeable now, others, not so and i will explain the reasons why
Trading stocks safely have certain rules attached to them , so if you follow my narrative, then you should be successful, failure to follow the narrative and you could get trapped......
Simples.
1) LRS
LRS is probably the hottest lithium trading stock on my watchlist right now, reasons being....
a) Recently broke out of the ascending triangle ( blue outline ), more importantly , broke the strong resistance @ 12
b) Very little resistance now until 18 / 20..........which is minor in itself.
c) RSI 14 trending nicely
d) Rising volume.
Only slight negative, is the SP has breached the upper bollie, might retrace marginally back to 13/13.5.
MRE due Q4 2022..............not long to go, expectations are high.
I recommend this as a BUY, with a stop loss just under 12c support line ( 11.8 )
( DISCLOSURE...........I HOLD )
2) GLN ( @taofufa )
GLN got to a ATH of 235, then sub wave 4 down took it back to 92, since then SP has risen methodically and is now at a very interesting / pivotal moment.
Yellow arrow pointing to a BULL FLAG pattern ( blue outline )
RSI 14 trend looks BULLISH, i want to see that push off 50 to the upside.
To confirm change of trend ( sub wave 5 up ) , SP needs to clear break the resistance zone highlighted in pink ( 167 )
Once that is achieved, then its a safe outright BUY with a target price over time of 458.
Stop loss then should be placed just under the pink zone ( 153 ) for capital protection.
Buying before it breaks the pink zone doesnt make it a " safe " buy, it becomes a speculative one, which is not the aim of the game here.
FA wise, expecting a DFS to drop Q1 2023, will be a ripper.
( DISCLOSURE..........I hold GLN in my SMSF, but dont have a trading parcel, so I will be waiting for the rules of engagement before acting )
3) ESS
ESS is a developing lithium coy with a drill program close to commencing.
A clear break of that resistance zone in red ( 52c + ) will confirm change of trend and BUY.
Very little resistance holding it back there after.
Until 52c is broken to the upside..........better opportunities elsewhere.
( DISCLOSURE......................I DONT HOLD )
4) PLS
The glamour stock of lithium has a great run, but at this stage of the game..............wouldnt touch it.
Reasons being......
a) 5 waves complete, ABC correction now playing out...........usually sub wave 2 down attracts the 50 / 61 fib levels.
b) Triple top
c) Clear divergence with SP and the RSI 14 indicator
d) SP below the 18, 30 ema plus 20sma.
e) I wonder if that large volume bar ( yellow arrow ) was the shorters reloading to drive SP further down ?
f) Clear lower lows / highs.
d) If minor 38 fib support does not hold, then no support until those pink lines / and / or 61 fib .
The only way i would entertain a trade with PLS, is if i am wrong and the ATH gets broken to the upside ( 560 ), anything else is extremely risky
( DISCLOSURE..............Dont hold, not interested............at this stage.)
5) LTR (@taofufa )
After hitting a low of 87 back in July this year, LTR has recovered well to touch the previous ATH of 219.
That being said, i now see a number of red flags that would keep me away from entering a trade at this stage..........
a) DOUBLE TOP 219
b) 5 waves complete ( sub wave 1 up ), pink lines displaying early stages of ABC correction ( lower lows / highs )
c) Clear DIVERGENCE regards to SP and the RSI 14 indicator.
If i am wrong with all this, then we should see a clear break of the ATH 219 in the not so distant future, in which case, i would enter a trade, that would be the only scenario that would have me interested.
Other than that, i would wait until sub wave 2 down finds a base, normally this wave down gravitates towards 50 / 61 fib support ( 154 / 138 )
( DISCLOSURE...........I dont hold , not interested......at this stage )
I have plenty more stocks to add to this thread in the future, but this will be suffice for now, lets see how all these stocks transpire next week.
I invite @ptlas @blu to this thread for their honest opinion and chat TA generally.
I always enjoy other traders opinions.
