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Technical and Fundamental Analysis on Lithium

by May 17, 2023
May 17, 2023
Technical and Fundamental Analysis on Lithium

Most associate lithium with EV usage.

The largest holding in the ETF basket (LIT) is Albemarle Corp. (ALB). The U.S.-based company is not purely a lithium business, as they also produce chemicals related to petroleum refining and consumer electronics. Interestingly, Tesla is a holding in LIT as well as ALB, only with about ½ the percentage of weight.

Factoid: Lithium, the drug, is made from lithium, the metal.

Besides the use for EVs, lithium-ion batteries are the key to rechargeable power for laptops, phones and other digital devices.

Expectations for longer-term demand supports a rebound as government incentives to switch to EVs. Some forecast that lithium demand by 2040 will be 16 times higher than present-day levels.

Is LIT a buy?

On the daily chart, the 200-DMA is above the 50-DMA and the price is in between. That is a recuperation phase or one of hope. The slopes on both MAs are slightly negative, but not by too much. I particularly like the risk right now. The low of the day LIT cleared, the 50-DMA or 60.90, should hold.

On the Real Motion Indicator, there is a bullish divergence. The momentum is above the 200-DMA, while the price is still quite far. That is typically bullish for the instrument.

On Tuesday, May 16th, LIT is having an inside trading day, or trading within the range of Monday. That means pause or uncertainty. We will be looking for a weekly close around or just above current price levels, as patience is the key in current conditions.

For more detailed trading information about our blended models, tools and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.

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Mish in the Media

In this video, Mish walks you thru the Dollar, Euro, GBP, Gold, Silver and more.

Mish walks you through the fundamentals and technical analysis legitimizing a meme stock on Business First AM.

In this appearance on Fox Business’s Making Money with Charles Payne, Mish and Charles discuss if economy has contracted enough with support in place, and present 3 stock picks.

Mish covers the trading range and a few of her recent stock picks on Business First AM.

In this appearance on Real Vision, Maggie Lake and Mish discuss current state of the market, from small caps to tech to gold.

Coming Up:

May 18th: Presentation for Orios VC Fund, India

May 19th: Real Vision Analysis

May 22nd: TD Ameritrade

May 31st: Singapore Radio with Kai Ting 6:05pm ET MoneyFM 89.3.

ETF Summary

S&P 500 (SPY): 23-month MA 420; support 410, then 405.Russell 2000 (IWM): 170 support, 180 resistance.Dow (DIA): 328 big support to hold.Nasdaq (QQQ): 329 the 23-month MA and big caps trying hard.Regional banks (KRE): 42 now pivotal resistance-holding last Thurs low.Semiconductors (SMH): 23-month MA at 124–can it hold next 2 weeks?Transportation (IYT): 202-240 biggest range to watch.Biotechnology (IBB): 121-135 range to watch from monthly charts.Retail (XRT): 56-75 trading range to break one way or another.

Mish Schneider

MarketGauge.com

Director of Trading Research and Education

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