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Technicals indicate Albemarle shorts may get squeezed hard

Kitco News

** Albemarle's stock fell to $112.00 last week, struck a 3-year low

** This as ALB and other lithium producers dropped as battery metal prices slid

** The 76.4% Fibonacci retracement of ALB $48.89-$334.54 rally was pierced

** Gap from the November 6, 2020 weekly close was also filled last week

** ALB then rallied, however, and notched weekly gain of about 9%

** Price rallied back above the Fibo & a weekly bullish engulfing candle formed

** Weekly relative strength index (RSI) diverged on last week's low and is rising today

** Tests of $170/$180 resistance, falling channel top ~$190 cannot be ruled out

** Stock last up 1.4% at $129.15 on Mon

** Short interest in ALB has nearly tripled in 2023 and stood at roughly 8% of co's public float as of Oct 31, LSEG data showed

(Christopher Romano is a Reuters market analyst. The views expressed are his own)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.