The title is just my attempt to come up with a cute jingle for the symbol LACDF, which is the US symbol for Lithium explorer Lithium Americas Corp. (TSX: LAC). I came upon LACDF over the summer due to the watchful eye of Joe F., an astute subscriber and chart maniac. I then read up on it and found it is a partner of my former Lithium (and NFTRH+) vehicle, SQM. Then I took a look at the chart from different time frames and became amorous.
Below is today’s daily chart. Look at this. Hysterical, eh? I am holding. But I would not be buying it now, so please do not think this post is much more than a self-congratulatory view of something that has already left the barn. Do not think of buying it, I beg of you (even you momos). You’ll get burned. Is that a good enough disclaimer? It’s being marked up now by da boyz up north.
NFTRH subscribers have seen the charts below for the last several weeks. First the weekly, with its Head and all those freaky Shoulders of what a TA who wants to sound professional would call a “complex Inverse H&S”. In my highly technical terms it is a freak show of a bullish pattern. We caught it before it broke out and I bought it at .82 (jumping the gun because I was titillated by the pattern). The eventual target, based on the pattern’s measurement is about double that.
The monthly calms everything down and it is what told me to sit calmly with it as it broke above a buck.
So that’s my little journey through the Lithium patch. There’s a lot of hype out there, but from LAC’s website, there is this consideration. It’s hype, sure. But it could also be true.
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