Pilbara Minerals operates the Pilgangoora ore body, one of the largest lithium projects in the Pilbara region of Western Australia. It’s also one of the largest hard rock lithium deposits in the world.
“We see several positive catalysts for PLS over the short-to-medium term, but is it worth buying right now?” Michael asked.
“Looking at the charts, we can afford to be patient.
“Since mid-August, the daily ranges have expanded, which is a warning sign that the recent run is ending.
“We also have the shares stalling after a big run to the April peak.
“There is also some bearish divergence with the daily RSI.
“All of this means that PLS is likely to come back in the short term and traders can wait for cheaper levels.
“The next support level down is $3. If that cannot hold, then we would be targeting levels near $2.60,” Michael concluded.
Pilbara Minerals Limited (PLS)
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