Albemarle (ALB)

Feb 24, 2021Trade Ideas

One of my favorite lithium stocks appears to have bottomed out.

After dropping from $188 to $140, Albemarle (ALB) is bouncing off double bottom support. It’s also a bit oversold on RSI, MACD, and Williams’ %R.

In addition, ALB could run higher on the electric vehicle story. After all, lithium companies could soon cash in on “surging demand for the battery metal lithium, critical to electric vehicles,” as reported by Reuters. All as current lithium supply runs short of massive demand.

With the bottom appearing to be in place, investors can buy the ALB stock at market with a near-term price target of $185. And, or buy to open the ALB April 16, 2021 165 calls at market. These last trade at $10.50.

If that’s too pricey, another hot lithium trade idea is Lithium Americas (LAC). Here, investors can buy the stock at market. And, or buy to open the LAC April 16, 2021 20 calls. With LAC, we have a near-term price target of $25.

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