Global X Lithium & Battery Tech ETF - Support & resistance

Feb 5, 2024

On the above 2-week chart of the Global X Lithium & Battery Tech ETF price action has corrected 60%. A number of reasons now exist to be long.

1) Support and resistance. In 2011 and 2017 price action found strong resistance exactly at $40 before breaking out in 2020 for a massive 140% gain. Price action has now returned to $40.

2) RSI resistance breakout.

3) Seller capitulation. Regardless of market seller capitulation into past resistance is a wonderful thing. Always a gift horse, lets not start counting teeth.

It is possible price action corrects further? Sure.
Is it probable? No.

Ww

Type: Trade, not investment.
Risk: <=6%
Timeframe for long: This month
Return: 40%

Feb 29, 2024

Trade active

Feb 5

Trade closed manually

Going to close my position on this one, 70% in 2 years. Not masses, but better than an savings account!

You should expect a -20% correction before continuation. There's better opportunities out there now.

2 week chart

Mar 27

Note

really consider exiting

Jul 14

Note

How about that for an exit in March?

The EV market is slowly shooting itself in the foot. With a shotgun.

Recent real life experience, with neighbour who drives an EV and myself a German SUV...

@ Ww... "€1300 to replace a headlight, software did not recognise the new bulb!"

Thought it was a joke..

Ww "Replaced my halogen headlight bulb last year for €26"

The complexity going into modern EVs, there's even subscriptions model to turn on heated seats..

Remember when this new technology was about Net zero? The reality is about removing money from your pocket more efficiently.

Old man rant over ;-)