Pilbara Minerals share price ASX ended the week in the red, shedding Thursday’s gains. The PLS stock ended the week 3.85% lower on Friday at $4.00 after hitting an intraday high of $4.23. The stock has shed more than 11% in price in the past month. The firm’s current total market capitalization currently stands at $11.93 billion.

Pilbara Minerals Outlook

Pilbara Minerals is an Australian lithium and tantalite mining company. The company engages in the exploration and evaluation of mineral properties. The company acquired the Pilgangoora Tantalum-Lithium project in 2014.

Pilbara Minerals share price has been under intense pressure for the past few months amid signs of a slowdown in demand for electric vehicles. A potential battery supply-chain destocking event has also seen the Pilbara stock de-rate in the past recent months.

Despite the tough quarter, the stock has outperformed in the past three years, gaining nearly 892% in that period. Analysts from Citi have upgraded Pilbara’s share price, handing it a “buy” rating. The analysts have upgraded the stock to $4.70, suggesting an upside of 15% by the end of the year.

Pilbara Minerals Share Price Analysis

The daily chart shows that the Pilbara Minerals share price has been struggling to rebound for the past few weeks. The stock is moving below and above the 50-day and 200-day exponential moving averages (EMA). It is also trading below the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) is weak at 36.

Therefore, the PLS share price is likely to continue falling in the medium term before rebounding in the long term. If this happens, bears will be targeting the support at $3.50. However, a move past $5.10 will invalidate this bearish thesis.