Keep an eye on the Global X Lithium ETF (LIT).

Over the last few days, the LIT ETF found double bottom support at $62.37.  From here, we’d like to see the ETF refill its bearish gap around $68 a share.

All because the lithium boom shows no signs of cooling off.  After all, if the world wants to meet its climate goals, it needs as much lithium as possible. According a new report published by Bloomberg NEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before.

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It’s part of the reason auto companies, like General Motors are investing millions to secure lithium supply. In fact, the company just announced plans to invest $650 million into Lithium Americas to secure supply.  All because “Automakers are starting to realize that the only way to guarantee lithium supplies is to own or have a controlling stake in the source,” added CNBC.


Ian Cooper