CXO LONG (ASX)
Moved from a running flat to an expanding flat. Spot lithium prices have fallen 34% in the month of March, highlighting a slowdown in demand caused by contractionary monetary policy. The spillover effect onto major banks indicate a stronger possibility of further downside which may lead to a recession during summer (US). Downside is clearly linked with a number of macro factors including Fed induced banking crisis (SVB) and dropping lithium spot prices. Lithium stocks have dropped significantly in March 23 so will be expecting more corrective movement for now.
The world is moving towards electrification and CXO is now a producer. My forecast is that CXO will exceed $2 in 12-18 months.
The world is moving towards electrification and CXO is now a producer. My forecast is that CXO will exceed $2 in 12-18 months.
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