Over the last two years, lithium prices crashed as EV sales growth disappointed, and the Global X Lithium & Battery Tech ETF (LIT) is down more than 50% from its peak in 2021. LIT bottomed on February 5 as 10-day average volume spiked over 800,000 for the second time this year and long-term breadth dropped below 3% - signs remaining bulls may be capitulating. Short-term and intermediate-term breadth expanded with LIT's 16% rally off its low and short-interest sits near an 8-year high. We're not bulls yet, but additional technical improvements may prod us into action.
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