On 8 May when Alliance shot up from 0.3 to 0.38 on the news of take-off deal. This blog predicted that it should retrace to 0.3 before moving higher. The price action has unfolded according to my script. Looking forward, Alliance is expected to release the outcome of feasibility in its development of the 120-160 ktpa spodumene concentrate operation at Bald hill and its maiden (interim) resource estimate in May 17 which could be very soon. It should trade between 0.285 to 0.32 until the report is released. Any surprise upside to the resource estimate could cause the price to test 0.415.
All posts and charts are for educational and illustration purposes only
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