The Lake Resources (ASX:LKE) share price is shooting up 16% higher today. Although no major annoucements have been made by the company.

Lake Resources is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project. Lake also has as three other lithium brine projects in Argentina.

In closing trade this afternoon, shares in the lithium miner are shooting higher today up 16.9% to $0.415.

Source: Nabtrade.com.au

So Why is Lake Resources Shooting up 16% Higher Today?

The Lake Resources share price seems to be moving from an annoucement from 19th Jan 2021, Drilling Underway at Kachi as DFS Funded. Further annoucement’s are expected throughout the drilling phase. It is likely investors are taking a position and trying to get in early on the anticipation of good drill results.

Perhaps the Lake Share price movements could also be attributed with dropping high flying ASX Share Novonix in the mix a few times during the annoucement. It should be noted that Lake does not seem to have any agreements with NVX. These claims should be taken with a grain of salt.

So why is Lake Resources Shooting Up 16% Today?

What About The Technicals?

Technicals for Lake Resources seem to be moving massively in the favour of the bulls.

  • Strong Uptrend respected
  • Previous Price Targets acheived
  • Successful Price retracement and possible breakout of ATH
  • RSI Bullish

What is Prophets Take

Prophet won’t be taking a position in this one, however with upcoming drill results due shortly and technicals trending very bullish investors could be in for a wild ride. There are alot of risks associated with this one so if you do enter we would suggest very close stops in place.

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