Oversold, 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. The last time ALB became this oversold using these technical pivot points, the ALB stock ran from about $240 to $330.
ALB could also be one of the top stocks of 2023.
All because 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.”
Better, analysts still love the stock. RBC Capital recently raised its price target to $380 from $371, with an outperform rating. Analysts like the lithium supply-demand story there. Deutsche Bank also raised its price target to $325 from $305, with a buy rating.
In short, use weakness as opportunity with ALB.