Lake Resources presents a promising opportunity with low risk and high potential for rewards. At present, the stock appears to be consolidating around the 60 1/2 cents range, potentially indicating a bottoming out of prices. However, we should also note that the downtrend line, as depicted by the chart's line, is currently descending into the price action.
Confirmation of a bullish trend will occur when we see a break above this descending line. It is noteworthy that there are several similarities between the charts of Lake Resources and Core Lithium. We recommend setting a stop loss just below the 60 cent mark for this trade, as it appears to be a key level of support and resistance for the stock.
Comment
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A stop loss would have had you out of this trade to look for the next setup. You can see the double bottom @.41c led to an impending rally back to the support line (now resistance level) @.63c. Not a good time to enter here without news or a market rally from here. Look for the next setup.
Jus a single news doesn’t recognise any indicators my friend ….. unfortunately ex ceo and ex chariman was a total scam
ClinicalTrader
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@zozag, Not sure what you mean? Do you know of news on these matters?
zozag
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@ClinicalTrader, i was holding for a long time mate, at first they were telling us the production will start at 2023 and full scale production 2024 … they were so serious about it and suddenly CEO left the company and dumped all his personal stocks in a days , after that chairman found a ceo from usa and the chairman also dumbed some of stocks before they released a new pathway which postponed the first production to 2027 and full scale production to 2030 …so don’t know what the is going on… they did the demo and told us they were successful and now they will do another demo .. so suspicious to me… this is what I know I might be wrong , do your own search
ClinicalTrader
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@zozag, As a non holder, i feel for you. As my comments suggest in the follow up, probably should not have been in that trade anyway. News did come out, but was negative. It is now possibly priced in, but a material change in the Lithium sector would also be required. It hasn't been a fun time for Battery metal investors. Good luck with your investment choices.
zozag
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@ClinicalTrader, thank you .. I think of it as a good lesson.. better to take profits instead of being greedy :)
Nankas
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Can you do another update on the chart, it appears to be on a little run now