Albemarle (ALB)

Dec 9, 2022Trade Ideas

Keep an eye on shares of Albemarle (ALB). After gapping from about $320 to $256, the lithium stock appears to have caught support dating back to earlier this month. It’s also over-extended on RSI, MACD, and Williams’ %R at the moment. From a current price of $256.03, we’d like to see ALB refill its gap near-term.

We also have to consider the lithium boom won’t slow any time soon. And that’s because the electric vehicle boom won’t slow either. Remember, governments all over the world want millions of EVs on the roads. Also, starting next soon, states such as California and New York will demand that all new cars, pickup trucks, and SUVs be zero emissions by 2035.

However, to get millions of EVs on the roads, we need far more lithium. Unfortunately, that’s a problem because demand at the moment is greater than supply. And that’s where lithium companies like ALB may be able to help.

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