Albemarle (ALB) is gaining traction.
After falling to $200 and becoming oversold on RSI, MACD, and Williams’ %R, the lithium stock is starting to pivot higher. Last trading at $226.62, we’d like to see it refill its bearish gap around $240 a share initially. All as lithium demand outweighs supply.
Helping, the company has plans for a major U.S. lithium processing plant – which could produce as “much of the electric vehicle battery metal as the entire company produces today, a bullish bet on America’s all-electric future,” says Reuters. “The company as a result aims to build a processing plant with 100,000 tonnes of annual capacity in the U.S. Southeast somewhere within rail access of a major port.”
Again, from a current price of $226.62, we’d like to see ALB refill its bearish gap around $240.