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Lithium ETF (LIT) Hits a New 52-Week High
For investors seeking momentum, Global X Lithium & Battery Tech ETF (LIT - Free Report) is probably on the radar. The fund just hit a 52-week high and has moved up 56.2% from its 52-week low price of $31.44 per share.
But are there more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
LIT in Focus
The underlying Solactive Global Lithium Index tracks the performance of the largest and most liquid listed companies that are active in the exploration and/ or mining of Lithium or the production of Lithium batteries. LIT charges 75 bps in annual fees.
Why the Move?
There is growing global race to secure critical minerals essential for the energy transition and advanced technologies. Lithium is one of them.These critical mineral resources are vital for manufacturing electric vehicles, batteries, renewable energy systems, and modern electronics.
More Gains Ahead?
LIT may continue its strong performance in the near term, with a positive weighted alpha of 18.43 (as of Barchart.com), which gives cues of a further rally.