Global X Lithium: Swinging Wildly

The Global X Lithium ETF has aborted another recovery attempt: First, it saw several days of gains before renewed setbacks intensified recently. Primarily, we expect further sell-offs in the near term, likely extending down to the support line at $65.72. Once this correction is complete, LIT should stage a rebound before resuming its downward trend. Alternatively, there is a chance that the price could rise soon and break above the resistance line at $91.97. This would indicate that the previous upward move is not yet finished, and the ETF could set another higher high before the next downward leg begins (probability: 29%).