NYSE:LAC may be ready to breakout.

LITHIUM AMERICAS CORP (LAC)       28.62   -0.38 (-1.31%)

Premarket: 28.5965 -0.02 (-0.08%)


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NYSE:LAC may be ready to breakout.4 hours ago - Chartmill

Our stock screener has spotted LITHIUM AMERICAS CORP (NYSE:LAC) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:LAC.

LAC Daily chart on 2022-09-22

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, LAC scores 7 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • Looking at the yearly performance, LAC did better than 96% of all other stocks.
  • LAC is one of the better performing stocks in the Metals & Mining industry, it outperforms 96% of 954 stocks in the same industry.
  • LAC is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so LAC is still doing slightly better than the market.
  • In the last month LAC has a been trading in the 26.62 - 33.10 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How does the Setup look for NYSE:LAC

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:LAC scores a 8 out of 10:

Besides having an excellent technical rating, LAC also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 28.56, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for LAC in the last couple of days, which is a good sign.

Trading setups like NYSE:LAC

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:LAC and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

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