Almonty Industries: Overbought but Bullish as Tungsten Rally Faces US Macro Test
24.05.2026 - 16:14:02 | boerse-global.de
Almonty Industries closed Friday’s session at A$26.51, notching a 9.45% gain that pushed the stock into overbought territory. The jump came after the company filed a cleansing statement and a notice of unquoted securities with the Australian Securities Exchange after the market closed, leaving investors to assess the implications over the weekend. The filings landed after the bell, so any market reaction will only unfold on Monday.
The rally drove the relative strength index to 79.6, firmly in overbought territory — a level that often tempts short-term profit-taking. Yet the stock remains just above its 50-day moving average of A$26.59, a line it barely cleared on Friday. The 52-week high of A$32.51 sits about 18% higher, but the annualised 30-day volatility of roughly 90% underscores how quickly this tungsten miner can swing in either direction.
Technical hurdles and support zones
The first test is almost immediate: accumulated trading volume pinpoints resistance at A$26.72, a mere 21 cents above Friday’s close. A clean break above that level would open the path toward A$28.34 and then A$29.87. If the resistance holds, the next meaningful floor lies at A$22.89. The narrow gap between the close and the 50-day average makes the coming session pivotal — a slip below A$26.51 would shift attention to the zone between A$24.63 and A$24.66, Friday’s intraday low.
Sangdong drives the fundamental story
The price action is rooted in real operational momentum. In the first quarter of 2026, Almonty posted revenue of US$25.4 million, a 221% surge from a year earlier, propelled by higher tungsten prices. Adjusted EBITDA swung from a loss of US$2.4 million to a positive US$6.1 million, and operating cash flow reached US$9.7 million. The company ended the quarter with US$259.9 million in liquidity.
Should investors sell immediately? Or is it worth buying Almonty IndustriesDRC?
The engine is the Sangdong tungsten mine in South Korea, officially commissioned in March 2026 and counted among the world’s largest and highest-grade tungsten deposits. Tungsten APT was trading at roughly US$3,140 per MTU in early May. China controls about 80% of the global tungsten market, a fact that makes Sangdong strategically important for Western industrial and defence supply chains.
The quarter also produced a net loss of US$5.3 million, driven by non-cash revaluations of derivatives and warrants. For investors, the trajectory of tungsten prices remains the single most important variable.
Macro data as a wild card
The week ahead is shortened by the US Memorial Day holiday on Monday, but the data calendar from Wednesday is packed. The US Commerce Department will release the second estimate of first-quarter GDP, along with April personal income and outlays and the core PCE price index on May 28. A stronger-than-expected inflation print would pressure rate-cut expectations and weigh on capital-intensive mining stocks. Milder data, by contrast, could fuel risk appetite and support the rally.
Almonty IndustriesDRC at a turning point? This analysis reveals what investors need to know now.
For Almonty, the interplay between chart resistance, tungsten price dynamics and US macro releases will determine whether Friday’s surge marks the start of a sustained recovery or merely a counter-rally in a fragile uptrend. The market’s first task on Monday is to judge whether the late-day ASX filings are routine administrative steps or a signal of a more substantive change in capital structure.
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