ALGO Sell Signal For Galaxy Resources

Our ALGO engine triggered a sell signal in Galaxy Resources into Friday’s ASX close at $3.57.

The “lower high” pattern is referenced to the January high near $4.50.

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Lithium stocks, in general, have seen downward pressure recently after the release of a research paper which estimated Lithium production would double by 2025.

From a technical perspective, we see scope for  GXY shares to retrace back to the $2.80 level.

Galaxy Resources

 

Author: Todd

Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.