Albemarle (ALB)

Dec 13, 2022Trade Ideas

Albemarle (ALB) looks like it just found support at double bottom dating back to early November. It’s also oversold on RSI, MACD, and Williams’ %R. And we’d like to see the lithium stock eventually refill its bearish gap around $310 a share. The last time ALB became this oversold using these technical pivot points, the ALB stock ran from about $240 to $330.

Helping, the world is still seeing short supplies of lithium, and growing demand. Even the International Energy Agency warned that, “The supply of critical minerals crucial for technologies such as wind turbines and electric vehicles will have to be ramped up over the next decades if the planet’s climate targets are to be met.”

Governments want millions of them on the roads, as of yesterday. President Biden wants 50% of all new U.S. auto sales to be electric by 2030. Europe is targeting 50% EV sales penetration by 2030. In China, about 40%. However, for millions of EVs to hit the roads, the world needs far more supply. Unfortunately, that’s easier said than done at the moment.

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