You may recall that soon after the last update on Volt Lithium was posted on the site on the 1st in which we looked for it to advance further, a bearish looking candle was spotted forming at resistance. So we decided to take partial profits and buy it back on a probable reaction. An email alert was sent out before the close on the 1st that read as follows…
“Volt Lithium brief update -
Today's candle has changed into a still bearish "hanging man" with a more definitely bearish "inverted hammer" / "gravestone doji" on the chart of the US traded stock. Thought best to take profits on at least half a position before the close today if you can and await developments. We may buy it back if it reacts back enough.”
As this was sent out just 12 minutes before the close, you may not have had time to act on it. If so it worked to your advantage because you would have got a higher price in the early trade the next day.
As we can see on the latest 2-month chart below, Volt went on to react back as expected, briefly touching its 200-day moving average. The price / volume pattern remains strongly bullish and the marked volume dieback of the past 2 days in particular points to renewed advance with yesterday’s little dip giving us a nice entry point to buy it back.
While we cannot rule out a little more reaction, Volt looks well placed now to begin a new upleg, so this is considered to be a good point to buy it back or make fresh purchases.
Volt Lithium
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Volt Lithium Corp., VLT.V, VLTLF on OTC, closed at C$0.29, $0.22 on 7th September 23.
Posted at 8.35 am EDT on 8th September 23.