OROCF: Profit target reached
Today, OROCF behaved as supposed in my yesterday's fib trace forecast & shot up to 5,20 this afternoon (GMT+1). According to my trading plan, I took profits at 5,17 and will reenter once the expected pullback to fib 0,78%-level (around 4,50) will have completed this wave.
There's even some fundamental evidence for a pullback to come on this pure play lithium stock. First, we observe signs of exhaustion in a recent run of TSLA, whose performance shows strong correlation with lithium miners' performance. Second, as Orocobre, headquartered in Australia, has all of it's premium assets concentrated in Argentina, OROCF investors may be worrying about the increasing political instability showing up there.
However, there's a lot of looming potential with OROCF, so I expect this stock to make another jump to 6 by end of Jan.
There's even some fundamental evidence for a pullback to come on this pure play lithium stock. First, we observe signs of exhaustion in a recent run of TSLA, whose performance shows strong correlation with lithium miners' performance. Second, as Orocobre, headquartered in Australia, has all of it's premium assets concentrated in Argentina, OROCF investors may be worrying about the increasing political instability showing up there.
However, there's a lot of looming potential with OROCF, so I expect this stock to make another jump to 6 by end of Jan.
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