ATLX Stock Forecast: Will Atlas Lithium Stock Smash $50?
ATLX stock price grew by almost 11.97% this week by taking support at the level of $11.73 showing signs of a pullback. However, the stock price is still trading below the import moving averages showing the trend is bearish.
Despite the bearish trend and weakness in the price, the analysts are positive about the stock performance shortly. But before jumping into the analysis of ATLX stock let’s delve into the company’s working.
About The Company Atlas Lithium Corporation
Atlas Lithium Corporation, headquartered in Belo Horizonte, Brazil, is a forward-looking mineral exploration and mining enterprise with a focus on the lithium sector. The company’s flagship Minas Gerais lithium project encompasses 54 mineral rights over 59,275 acres within the prolific Brazilian Eastern Pegmatitic Province. Additionally, it manages the Northeastern Brazil lithium project, holding 7 mineral rights across 16,266 acres in Paraíba and Rio Grande do Norte.
Beyond lithium, Atlas Lithium holds complete ownership of mining concessions for a variety of minerals including gold, diamond, and industrial sand. It also explores and develops early-stage projects for nickel, rare earth elements, graphite, and titanium. The company’s diverse portfolio extends to participation in iron and quartzite ventures.
Formerly known as Brazil Minerals, Inc., the company rebranded to Atlas Lithium Corporation in October 2022, reflecting its commitment to becoming a key player in the lithium market, which is integral to the renewable energy and electric vehicle industries.
Technical Analysis of Atlx Stock On Daily Technical Chart
Source: Tradingview
Atlx stock price has been in a bearish trend for a long time trading below the important EMA levels of 20, 50, 100, and 200-Day EMA level. However, it bounced back from the $11.73 level and headed in the upward direction.
The analysts are positive about the stock price. As per the trading view data, 2 analysts gave price targets for the next year. The maximum target is $52, the average target is $45.50 and the minimum target is $39.00.
Relative Strength Index (RSI): The RSI indicator is bouncing back from the oversold zone and currently heading toward the positive zone indicating bullishness.
Exponential Moving Average (EMA): The price is trading below the important EMA levels, suggesting the price is bearish. If buyers want to bounce back, then they have to support the price, taking it above the important EMA levels
Moving Average Convergence Divergence (MACD): The MACD indicator shows a bullish crossover with green bars on the histogram indicating bullishness.
Despite the long-term bearish trend, the ATLX stock price is indicating a pullback. However, to make a strong bounce back the stock price needs to surpass the important EMA levels and solid buyer support.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
