Shares of American Battery Metals Corp (OTCMKTS:ABML) slipped into the red after gaining as much as 6.30% earlier in the session.
At 1.40 PM, AMBL stock is trading at $1.50, down 5%. The stock has traded 1.9 million shares. The stock opened at $1.61 and moved within a range of $1.52 – $1.68. ABML stock has fallen almost 70% from its 52-week high of $4.90.
ABML News Highlights
ABML released news this morning. Here are the key highlights:
American Battery Metals Corporation Receives Unanimous Approval for Conditional Use Permit for Lithium Battery Recycling Pilot Plant
- Received approval from the City of Fernley Planning Commission for a Conditional Use Permit (CUP) for a lithium battery recycling plant at last night’s monthly commission meeting.
- This recommendation is the first step, and the application will now go to the Fernley City Council for final consideration.
- The Planning Commission’s recommendation to approve the CUP signals continued progress in permitting and constructing ABTC’s lithium battery recycling pilot plant in Fernley, Nevada.
“The Fernley Planning Commission’s approval of our Conditional Use Permit is a critical path milestone in our work to build our first of kind lithium battery recycling pilot plant,” said ABTC Chief Operating Officer Menka Sethi. “The plant will bring well-paying jobs to the local community and provide an environmentally-friendly solution to increasing supply of battery metals in the United States.”
ABML has been bouncing along this 1.45/1.46 support area for a few days. The question is where does it go from here. Late April ABML had a nice little rally from $1 to $2 dollars. A 100% move. The stock has now given up 50% of those gains which is a significant Fibonacci retracement area. Was $1 a low and this is a leg up or just a continuation of the long slide down. Potential pivot points are 1.67, 1.76 and 1.94 above and .149 (we are on it) 1.40 and 1.22 below. It would appear that ABML is running out of energy. We will see if the stock holds at this very minor support area or heads lower.