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small-cap

Book Profit on this NYSE-Listed Lithium Stock- Standard Lithium Ltd.

Jul 22, 2022 | Team Kalkine
Book Profit on this NYSE-Listed Lithium Stock- Standard Lithium Ltd.

 

Standard Lithium Ltd.

Standard Lithium Ltd. (NYSE: SLI) is a US-based corporation that explores and develops lithium brine resources. The company's exploration and development operations are concentrated at the Arkansas Lithium Project, which is situated in south-central Arkansas. Among its other endeavors are the LANXESS Project, Tetra Project, and Bristol Dry Lake Project.

As per the previous recommendation on SLI as of June 15, 2022, a ‘Speculative Buy’ rating was recommended on the stock at USD 4.36 and noted below are the details of support and resistance provided in the previous report and the stock price has moved by 33.72% since then and the price has now moved above the Resistance 2 level.

Recommendation Summary as of June 15, 2022

SLI’s Daily Price Chart

Source: REFINITIV, Analysis by Kalkine Group

Considering the resistance around the range of USD 6.0, existing trading levels, unpredictability in the global markets, and bullish momentum in the last week (approx. 45%) taking RSI into the overbought area, it woule be wise to book profits at the current price levels. Hence, a “Sell” rating has been provided on the stock at the current market price of USD 5.83, as of July 22, 2022, at 07:10 AM PDT.

Markets are trading in a highly volatile zone currently due to certain macro-economic and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance. 

Note 2: The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and the uptrend may take a pause due to profit booking or selling interest.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.