Lithium Americas Corp. - (LAC.TO) - October 14, 2021 (Daily Stock Report)

by SIACharts.com

 

 

Since we last mentioned Lithium Americas (LAC.TO) in the June 1 issue of the Daily Stock Report the shares have soared 70.8%, and since they returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report on August 10, they have climbed 48.2%. The shares continue to move up the rankings, rising 11 spots yesterday to 6th place.

Accumulation in Lithium Americas (LAC.TO) shares has accelerated dramatically this week. Earlier this month, a correction was contained at a higher low above the $25.00 round number and the 50-day moving average. In the last two days, the shares have launched up from there, snapping a downtrend line, causing a bearish descending triangle pattern to fail, and breaking out to a new all-time high, all on a spike in volume. Combining these indicators signal the start of a new advance.

Measured moves from previous trading ranges suggest initial upside resistance in the $37.50 to $38.00 area followed by the $40.00 round number. Initial support moves up to $30.00 from the $27.50 breakout point.

 

Lithium Americas (LAC.TO) has resumed its primary uptrend following a correction, breaking out to a new all-time high to signal the start of a new upleg. Since the start of this month, the shares have completed several bullish patterns including a Triple top and two larger Spread Double Tops.

Based on horizontal and vertical counts, next potential upside resistance tests on trend appear near $33.55, $34.55, and $35.95. Initial support appears near $30.35 based on a common 3-box reversal.

With its bullish SMAX score increasing to a perfect 10, LAC.TO is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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