originally published Tuesday, March 19, 2024

Printable Version

Lithium Stocks Lithium Stocks

Lithium South has performed exactly as we expected when we bought it back late in January, except that it took a little longer to make the big move than we had anticipated, and we are up 67% in less than 2 months. However, it is now extremely overbought and at a target where over the past couple of trading days a bearish “Harami” pattern has formed, which is where a candle with a small real body occurs a day after a big white (up) candle. The pattern also approximates to what is called a “Tweezers Top” with yesterday’s candle also being a bearish “Hanging Man” for good measure. That’s enough for us to know not to stick around any longer. TAKE PROFITS IMMEDIATELY.

However, the pattern in Lithium South remains overall positive, with a strong uptrend in force and a bullish moving average cross having just occurred. So we may buy it back after a significant reaction.

Here is the chart from the 26th January update…

Lithium South Development Corp website

Lithium South Development Corp., LIS.V, LISMF on OTC, closed at C$0.61, $0.45 on 18th March 24.

Posted at 7.55 am EDT on 19th March 24.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment or securities advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market technical analyst, Clive Maund is not a Registered Investment Advisor or Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be construed as a recommendation or solicitation to buy and sell securities.