CleanTech Lithium shares rose on Monday after announcing progress at their Direct Lithium Extraction (DLE) pilot plant in Chile.
However, there may be some disappointment with the reaction in CTL shares as far as the news failed to drive a retest of key resistance levels.
CleanTech Lithium shares were 5% higher at 55.75p at the time of writing as an early rally began to fade.
Shares in the lithium explorer look akin to a coiled spring. The good news is building, waiting for a specific catalyst to see the CleanTech Lithium share price pop above 60p.
What this catalyst is remains to be seen. The company has enjoyed resource upgrades and today progress on their Direct Lithium Extraction plant, but there isn’t the enthusiasm for the stock to test the 60p level.
Recent upgrades to the Francisco Basin and Laguna Verde projects disappointingly couldn’t get shares convincingly through crucial resistance levels. CleanTech Lithium has world-class lithium resources across three projects located in the Chilean salt flats, which one may argue isn’t reflected in the current price.
Nonetheless, should 60p persistently fail to be broken, there may be a trading opportunity in CleanTech shares.
Some traders, no doubt, will be eyeing a retest of the 37p level for an entry. This has held consistently, and the stock has naturally undulated down and back off this level on many occasions.