E3 Lithium - (ETL.V) - September 12, 2023
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.
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