Lithium & Battery ETF (LIT) Hits New 52-Week High
Global X Lithium & Battery Tech ETF LIT is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and moved up 125.8% from its 52-week low price of $34.55/share.
Are 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. The product charges 75 bps in annual fees.
Why the Move?
LIT offers exposure to lithium, batteries and materials firms. Rising electric vehicles, storage and industrial demand, plus strong global electrification spending, support growth. Oil supply risks from the ongoing Middle East tensions are boosting interest in alternative energy, leading ETFs like LIT to new highs.
More Gains Ahead?
Currently, LIT might continue its strong performance in the near term, with a positive weighted alpha of 65.72 (as per Barchart.com), which gives cues of a further rally.
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Global X Lithium & Battery Tech ETF (LIT): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
