LAC stock price is facing strong bearish pressure on the daily technical charts, as it is trading below the 100 and 200-day EMA. The stock has failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is currently trading near $6.74, with a marginal gain of 2.90% in the intraday session. The stock has a potential upside target of $10.26, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level, which could prevent further downside.
LAC price prediction suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for Lithium Americas stock price.
The company’s performance has been dismal throughout the year. It has suffered negative returns of 43.48% in the year-to-date period, 44.68% in the last six months, 40.29% in the last month, and 25.28% in the last week. This shows a persistent bearish trend that has not reversed yet.
Technical Analysis of LAC Stock Price in 1-D Timeframe
LAC stock (NASDAQ: Lithium Americas) is trading under the 50 and 200-day DMAs (daily moving averages), which do not uphold the price trend.
The current value of RSI is 28.86 points. The 14 SMA is above the median line at 38.34 points which indicates that the LAC stock is bearish.
The MACD line at -1.11 and the signal line at -0.7493 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the Lithium Americas stock price.
Weekly-Time Horizon Analysis
The weekly charts of LAC stock reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 31 and the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.
Summary
Lithium Americas Corp. (NASDAQ: LAC) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the Lithium Americas Corp. stock price. LAC price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $6.50 and $6.00
Resistance levels: $9.71 and $10.26
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/25/lac-stock-will-lithium-americas-stock-price-break-below-5-mark/