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Without any context other than the price action, Piedmont Lithium (PLL) appears to be a compelling opportunity. On Monday, PLL stock closed up nearly 16% from the prior day’s session. Not only that, the robustness of the move suggests that a sentiment reversal could be in the cards.
Even with the pop, PLL stock is down more than 47% on a year-to-date basis. That goes to show you how steep the skepticism was prior to the swing higher. However, volume on the day was several magnitudes higher than the average, which may imply a paradigm shift. Also, using the point-and-figure chart analysis, Piedmont appears to have formed a triple top breakout pattern, which has significant bullish implications.
