Lithium Americas (LAC)

Dec 29, 2021Trade Ideas

Keep an eye on oversold lithium stocks, like Lithium Americas (LAC).

With demand still outweighing supply, lithium prices and related stocks could push aggressively higher in the new year. In fact, according to S&P Global, “The global lithium market has seen prices moving to new record highs almost daily, boosted by limited supply and good demand. This strength is expected to continue into 2022, as supply tightness persists and demand for electric vehicles continues to grow.

In addition, lithium stocks like LAC are technically oversold on RSI, MACD, and Williams’ %R. As we head into the new year, we’d like to see LAC challenge its prior high of $42 from $29.55.

Helping, over the last few weeks, analysts have raised their price targets. B. Riley for example raised its target to $44 from $25. Piper Jaffray raised its target to $32 from $22. JP Morgan raised its target to $39 from $28.

With lithium stocks, weakness may be opportunity.

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