Right after <A HREF="https://www.streetwisereports.com/article/2024/03/26/why-one-expert-says-this-hard-rock-lithium-company-is-a-strong-buy.html?m_t=2024_03_26_06_19_56">we looked at Atlas Lithium on 26th March</A> it surged on very heavy volume for several days, but then interest waned and it reacted back on much lighter volume as we can see on its latest 6-month chart below, which action is very bullish. The reaction back has been quite deep and technically the reason for it was the still unfavorable alignment of moving averages. Basically the stock wanted to spend more time basing before embarking on a sustainable major uptrend and looking at the chart now we can see that the pattern that has formed since mid-February approximates to a Head-and-Shoulders bottom.
With the price having reacted back to a support level and volume easing back to a relatively low level, the Accumulation line holding up well on the reaction and momentum (MACD) now trending higher, everything is in place for the stock to advance anew and it is now starting higher again.
The following interesting slides from <A HREF="https://www.atlas-lithium.com/wp-content/uploads/2024/03/March-Corporate-Overview.pdf">the company’s Investor Deck</A> were not included in the original article for reasons of space.
The first slide shows the path to near-term production.
On the next slide we can see that production is set to ramp up rapidly by mid-late 2025.
on this slide it is evident that there is plenty of exploration upside at the company’s Neves Project.
You are referred back to the <A HREF="https://www.streetwisereports.com/article/2024/03/26/why-one-expert-says-this-hard-rock-lithium-company-is-a-strong-buy.html?m_t=2024_03_26_06_19_56">the original article</A> in which there are other important slides that are not reproduced here in order to avoid repetition and save space.
It is thus clear that there is a lot to go for with Atlas Lithium so we stay long the stock and this is considered to be a very good time to buy or add to positions.
Atlas Lithium <A HREF="https://www.atlas-lithium.com/">website</A>.
Atlas Lithium, ATLX on NASDAQ, trading at $14.79 at 11.40 am EDT on 29th April 24.
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