A lithium favorite ready for a new leg higher as buyers step up

Potential Buy Entry Alert GXY

Time Frame : Daily/Weekly

Sector : Materials/Industrial Metals and Minerals

Key Stats : $1.4 Billion Market Cap, VWAP 3.47, ASX Ranking 199, Market PE 16.92

Company Overview : Galaxy Resources Limited (GXY) is an Australian global lithium company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina

 

GXY – Galaxy Resources Limited

GXY has been a market darling for a while but has recently bee sold lower from the highs around 4.50. We see evidence now that buyers are stepping into the action and supporting price. Price still has some work to do as it has taken some energy to push price up through 3.55/3.57 zone. Watching now for a pullback to build the higher low and buy entry setup.

 

Stock Code : GXY – Galaxy Resources Limited

Company Website : www.galaxylithium.com

Current Price : 3.425

Status : On watch for higher low and buy entry setup