Hello Fellow Trader!
ORE.ASX - Lithium producers have been some of Australia’s favourite stocks for several years supporting the worlds change turning to renewable energy in the battery space lead by Elon Musk and Tesla.
Last weeks Tesla Battery Day was hyped up to be an extremely positive presentation that would skyrocket lithium back into the Australian...
ASX:ORE has been on a visible uptrend for the last few days. This chart shows a bullish trend based on following indicators:
- price above historic Resistance zone: 2.8 to 3$
- price above 50MA
- price above 200MA
- velocity is positive
- price above LSMA
- price above 0.618 fib
- chart pattern looks almost like a cup and handle formation though not exactly a cup...
ASX:ORE has played it right since the mid May. Is this the start of a new uptrend towards the 4$ or maybe towards 6$ ? Lets analyze what the charts say.
Since the day ASX:ORE broke the 50MA - green line - it has been on unstoppable uptrend. This trend has been able to break the 200MA - red line - which historically has acted as resistance. This tells me the bulls...
Anticipating a drop into the green box as a greedy entry point, perhaps on the back of a "sell the news" earnings report which is coming up. Bullish for this year with a belief that a local bottom has been put in for the time being.
Reasoning for the trade:
Location: Reload zone within a reload zone (0.786 line up)
Structure: Triple bottom formed, followed...
Last post I did on ORE i gave different target for taking profit. My last target was not achieved but I anticipated such retracement. I am waiting to see if 3.2 will hold to buy more positions to see in the 4$ range. Different fibs levels can be target or at least SL level once price crosses them. I will keep you updated.
This is a pretty basic trade. After a very long downtrend the price has reached the bottom and a triple bottom has formed. The lower horizontal trend line indicates the immediate short term price target, however we can use this for a trigger in combination with a cross on the 200 day MA. Now normally the peak line of the triple bottom will be flat, as indicated by...
Orocobre Ltd. engages in the exploration and development of lithium deposits. It operates through the following segments: Corporate, Olaroz, Cauchari and Borax. The company was founded on January 20, 2005 and is headquartered in Brisbane, Australia.