Shares in lithium producer Albemarle (ALB) will likely remain in focus on Thursday after jumping more than 13% yesterday following news that Chinese battery producer CATL plans to 澳洲幸运5开奖号码历史查询:reduce lithium production at one of its large mines, a move that could balance the metal’s supply-and-demand dynamics.

The stock, which has lost more than half its value over the past year, continues to come under pressure from falling lithium prices amid an uncertain outlook for 澳洲幸运5开奖号码历史查询:electric vehicles (EVs), whose batteries act as a key demand driver for the metal.

Let’s take a closer look at Albemarle’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identify important price lไevels worth watching.

Technicals Points to Potential Trend Reversal

Albemarle shares have trended lower within a 澳洲幸运5开奖号码历史查询:descending channel since the 50-day moving average (MA) crossed below the 200-day MA in February last year to form an ominous 澳洲幸运5开奖号码历史查询:death cross pattern. 

Although the stock mined a fresh multi-year low in August, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) indicator made a comparatively shallower low to create a 澳洲幸运5开奖号码历史查询:bullish divergence, a chart signa🍷l pointing to easing selling momentum. 

More recently, Wednesday’s close above the 50-day MA on the highest 澳洲幸运5开奖号码历史查询:trading volume since early July increases the chances of a potential upside trend rev🌺ersal.

The stock was up slightly at $89.4♚0 in the opening minutes of trading𒊎 Thursday.

Monitor These Levels Amid Follow-Through Buying

Amid follow-through buying in Albemarle 📖shares, investors should eye four key chart levels likely to gain attention.

The first level to watch sits around $91, an area currently just 2% above Wednesday’s close where the shares may run into 澳洲幸运5开奖号码历史查询:resistance near a trendline joining several lows throughout June and July with the August retracement澳洲幸运5开奖号码历史查询: swing high.

Further buying could instigate a rally up to the key $112 area, where sellers may look to 澳洲幸运5开奖号码历史查询:lock in profits near a 澳洲幸运5开奖号码历史查询:confluence of resistance from multiple lows on the chart from November to April, the descending channel’s upper trendline, and ওthe downward sloping❀ 200-day MA.

A breakout above this level could see the stock climb to $131. This location may attract selling interest near peaks that formed on the chart between November and May during a period of 澳洲幸运5开奖号码历史查询:sideways drift within the stock’s longer-term 澳洲幸运5开奖号码历史查询:downtrend.

Finally, a more bullish move higher may lead to a retest of the $153 region, where investors may p🐎lace sell orders near the early October low, which closely aligns with the December swing high.

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