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Elixir Energy’s Lorelle-3H result showed encouraging gas flow, but investors still want proof of sustained production, commercial recovery and pipeline access. The sharp chart breakdown leaves EXR oversold, speculative and dependent on October’s retest.

In the current markets, even major players listed on the S&P/ASX 200 aren’t immune to caution flags on the charts. In this article, we'll examine three ASX-listed stocks whose price action suggests further downside may be ahead. We’ll look beyond the fundamentals and focus on technical signals: breakdowns below key moving averages, chart patterns like lower highs or descending triangles, and weakening momentum indicators.
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Markets faced a “soft-landing but sticky” backdrop: growth held up, yet inflation and policy uncertainty kept risk elevated and dispersion high. The US stayed resilient but uneven as labour demand cooled and the Fed remained cautious. The ECB stayed meeting-by-meeting. Australia felt higher-for-longer, rotating into defensives.

The global macroeconomic backdrop shifted notably in the week ending 28 November 2025, fuelling a renewed "risk-on" sentiment that propelled a decisive recovery in Australian equities. In the United States, softening labour market indicators—specifically an acceleration in weekly ADP job losses—combined with a cooler-than-expected Core PPI reading and dovish commentary from Federal Reserve officials, led to a sharp repricing of interest rate expectations, with markets now pricing in an ~85% probability of a December cut. This pivot abroad overshadowed sticky domestic inflation data, allowing interest-rate-sensitive growth sectors to lead the S&P/ASX 200 higher, even as uncertainty persists around the Reserve Bank of Australia’s policy path.

Global data point to a softening but still mixed growth backdrop, with US manufacturing in mild contraction contrasted against resilient services activity. Labour indicators such as ADP employment and continuing jobless claims show cooling private hiring and more challenging re‑employment conditions, reinforcing expectations of earlier and deeper Federal Reserve rate cuts. Core US PCE inflation is running at a steady, moderate pace, allowing the Fed to stay on hold while waiting for clearer evidence that inflation is durably converging to the target.

Atlantic Lithium has managed to hold its uptrend despite broader market turbulence, a sign of underlying strength in a weak environment for resource stocks. Steady buying at key support levels suggests confidence has not collapsed, supported by progress at its Ewoyaa lithium project in Ghana. This combination of solid fundamentals and constructive chart behaviour highlights resilience in a volatile, sentiment-driven sector.
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