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.