E3 Lithium (ETL.V) is the top ranked stock in the SIA S&P/TSX Venture Composite Index Report, having climbed 4 positions in the last month. Since returning to the Green Favored Zone back in July, the share price has doubled. E3 Lithium (ETL.V) shares have come under renewed accumulation, staging a big breakout rally. For two years, ETL.V was stuck in a trading range between $1.60 and $3.20. Over that time, a large Symmetrical Triangle of higher lows and lower highs formed, a sign of consolidation. This summer, the shares have attracted significant new interest, breaking out of their previous trading range and soaring to retest their previous peak near $4.80 on increasing volume.
Yesterday, E3 had a record high close above $5.00, confirming that its current advance continued. A measured move suggests next potential resistance may appear near $6.40, with initial support in the $4.60 to $4.80 area.
E3 Lithium (ETL.V) spent a year establishing a new uptrend of higher lows after bottoming out in June of 2022. This summer, the shares have truly taken off starting with bullish Double Top, Spread Double Top and Spread Triple Top breakouts. After snapping out of a downtrend, the shares have continued to climb, completing another Double Top and a Bullish Catapult. This rally has now extended to new all-time highs above $5.00.
Next potential upside resistance tests on trend appear near $5.40 based on a horizontal count, and $5.75 based on a vertical count. Initial support appears near $4.70 based on a 3-box reversal.
With a perfect SMAX score of 10, ETL.V is exhibiting strength across 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.
