American Battery Technology Company (OTCMKTS:ABML) Stock Continuous Sell-Off: But Why?

Critical minerals and lithium ion battery recycling firm American Battery Technology Company (OTCMKTS:ABML) has had a tough time in the markets in recent days. The trend in the stock remained the same on Thursday as it ended the day with a decline of 2%.

Trading Data

On Thursday, ABML stock moved down 1.75% to $0.91 with more than 1.86 million shares, compared to its average volume of 3.10 million shares. The stock has moved within a range of $0.9015 – 0.9400 after opening trade at $0.93.

American Battery Technology Delivers First Tonopah Flats Lithium Samples for Analysis

However, at the same time, it should not be ignored that the stock has been in decline for some time and yesterday’s selloff took the decline in the past week to as much as 12%. On Wednesday, the company was actually in the news after it made an announcement with regards to the fact that it had concluded its drilling activities on the first group of sampling locations.

American Battery Technology Company also announced that it had also submitted the samples that it had collected from the Tonopah Flats Lithium Exploration Project for the purpose of high throughout screening analysis.

It is quite clear to see that it was a significant development for American Battery Technology Company but it couldn’t really make an impression on investors, who continued to be pessimistic about the stock. It is now going to be interesting to see if the stock can engineer a turnaround at any point.

Key Quote

“We’re proud of how quickly and efficiently our Resources team has been able to develop and execute this initial exploration drilling and sampling effort, and we’re excited to begin analyzing the characterization results from these initial samples,” stated ABTC CEO Ryan Melsert.

Technical Data

ABML stock is below the 20-Day and 50-Day Moving averages of $1.01 and $1.14 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.52. The stock is down 9% in the past month.