Why BATT Could Be A Great ETF To Buy & HoldHere I have AMEX:BATT Amplify Lithium & Battery Technology ETF on a Multi-Timeframe Analysis with a Monthly & Weekly Chart!
Technicals:
Starting with the Monthly Chart, taking the Fibonacci Retracement Tool from the All Time Low @ $5.91 to the All Time High @ $20.78, we see that the Selling Pressure is waning with the Price Exhaustion happening in the Fibonacci 78.6% - 88.6% "Kill Zone" Range from ( $9.09 - $7.61 )
-Bears are losing grip on the asset
Zooming down to the Weekly where Price has visited the Kill Zone, we can see a ICT Concept Method called the Bullish Order Block taking place!
After Price found Support, Price created a New Swing Low Breaking Sellside Liquidity, then shortly after, Breaking Structure again while surpassing the Swing High!
-The Week Starting Monday, 29th of July 2024 creates the Bullish Order Block we should suspect Price to revisit before continuing its Uptrend behavior.
-This High of the Weekly candle sits right at the Upper Limits of the Support Zone and at the 50% Fibonacci Retracement Level!
**Price also could potentially make a deeper Retracement to the 61.8% Level to visit the LH it created before Breaking up through the Support Zone!
-Will be looking for Buy Entries in the ( $8.96 - $8.67 ) Range!
Fundamentals:
Lithium Stocks hit alot of hype in 2023 with the expectations of the EV Industry being our Near-Future way of transportation as a move toward a greener way of living!
EV sales wax and wane but as time as gone on, the look for the essential metal and mineral components needed for this industry to boom has began to fill as we are finding more and more vast and rich deposits of Lithium and other Rare Earth Minerals!
-https://www.tradingview.com/news/zacks:e90ae995b094b:0-bullish-views-power-long-term-lithium-etf-prospects/
With that, EV Demand will come
-https://www.tradingview.com/news/benzinga:5ead3a15a094b:0-arkansas-may-be-sitting-on-19m-tons-of-lithium-amid-rising-demand-for-ev-batteries-how-to-invest-in-what-elon-musk-calls-the-new-oil/
** Once Price goes Bullish, I have upcoming Areas of Value that it may contend with on the way up!
