🚆Hop on Before It’s Too Late:Lithium is the New Gold‼️
US had a strong rally session yesterday (10/8) as inflation fears fade. The annual inflation rate slowed more than expected to 8.5% in July from an over 40-year high of 9.1% hit in June, & below market forecasts of 8.7%. The Nasdaq is now up 20.8% since bottoming but still needs to pass its prior peak in November to confirm a new bull market. Volatility index closed at a 4-month low. The uptrend is now in a "power trend," a bullish shift.
Besides the tech boom, lithium stocks also had a run. Lithium stocks & LIT ETFs are ways to play the rising demand for electric vehicles, without having to pick a specific EV maker.
$Global X Lithium & Battery Tech ETF(LIT)$
$Sociedad Quimica Y Minera De Chile SA(SQM)$
The Global X Lithium & Battery Tech ETF climbed 2.36% to 78.80, moving above the 200-day line for the 1st time since late January. Investors could use this as an opportunity to buy the LIT ETF, which offers a broad way to play the EV trend.
Lithium giants Albemarle (ALB) & Sociedad Quimica y Minera de Chile (SQM) reached entry points:
(1) ALB rose 5.98% to 259.30. It has a 273.78 buy point from a deep cup-with-handle base, according to MarketSmith Analysis. However, if one takes the 31%-deep handle as its consolidation, then ALB stock is clearing a 250.25 handle entry (see photo). Last week, ALB’s earnings easily beat expectations, with EPS up 288% & revenue 91%. The lithium giant also doubled full-year EPS guidance. Lithium prices are high and likely to stay that way, with ALB converting more contracts to spot prices.
(2) SQM rose 3.77% to 101.12, clearing an early entry of 99.84. The handle is slightly too low in the base to be a proper buy point, which officially remains 115.86. SQM earnings are due on 17/8 (Wed).
Livent (LTHM) stock jumped 6.74% to 28.20, clearing an early entry at 27, modestly above the 200-day line. LTHM stock has an official 34.71 buy point. Last week during earnings, LTHM’s revenue grew 114% & had a 825% EPS growth.
Besides Ganfeng Lithium, all lithium stocks on my watch-list rose between 3.77% to 10.94% signifying that investors’ POV towards lithium stocks are bullish.
Fellow 🐯🐯🐯, which US lithium stocks are you bullish for❓
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Source websites: Trading Economics, IBD, & Reuters.
@Daily_Discussion(11/8) @TigerStars@CaptainTiger@MillionaireTiger
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where are these mines located?
Where is the place ?