Lithium Brine Penny Stock Long HereI traded this ASX name on the OTC at its 3x breakout last year and I've kept my eye on it as it has floated slowly back down to the breakout zone. Notice the patterns in the Relative Strength Index before it broke out, and notice what it is doing now-- easing and curving up. The ASX stock has bounced hard on support, so there is some arbitrage between the OTC and ASX tickers right now. I think that it's likely we see a similar parabolic move up if we break out of this descending wedge. Watch for headlines about their lithium brine project: that will most likely be the catalyst.
ANSNF trade ideas
Australias Anson Resources Targeting Increase in LithiumAnson has been range trading since the end of last year and with todays announcement of plans for a major increase in planned production capacity of its core asset, the Paradox Lithium Project in Utah, USA it would seem pretty bullish.
Could be worth further research.
Anson Resources, Little Known Uranium and Battery Metal ExplorerI've been watching ANSNF coil up in a descending wedge pattern for a few days, until it broke out w/ serious momentum. I'm not one to chase, so here's to hoping the price decides to retest support before breaking out of its larger bull pennant / 3 rising valleys pattern.
$ASN third times a charmAnother bull pennant appearing on the daily chart. The formation seems ripe for some action (3 month formation + declining volume + constricting bollinger bands).
I would rate this setup a 60% chance of success due to the following reasons:
• 3 month formation
• Flag appearing above the 200ema
• Candles at the end of the pennant show positive signs e.g. dragonfly doji on support, no real rejection from the top-end of the pennant
• Visible signs of bounces on the bottom of the pennant.
• Possible MACD crossover
Bearish sentiments
• Trade tarifs
• Lithium over supply fears (total BS in my opinion, but the market seems to buy it)
Low risk, high reward trade, I'll be watching closely the next few days.
ASN Breakout ImminentWe all know lithium miners have taken a hit lately with articles published stating oversupply however I tend to disagree.
I see ASN (Anson resources) as one of the junior minors that will soon be one of the worlds richest lithium miners. Based in Utah, Anson resources is due to release their PPM results by the end of January. With historical data indicating the lithium brine to be as dense as 1700ppm if confirmed, there is only one direction this can go.
Anson resources is currently trading in a channel between 0.19 - 0.27 on low volume as share holders take their position prior to the imminent announcement.
I see the share price moving sideways, potentially building a flag pattern before a breakout to test recent highs of 0.31. However, this could all change over the next 24 to 48 hours. DYOR
MilkT