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.

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