2 ASX shares at ‘appealing’ buy prices right now

Stock markets have been in turmoil this year, especially the past month. Here are a couple of bargains worth considering.

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Unfortunately the S&P/ASX 200 Index (ASX: XJO) has plunged almost 4.8% over the past month as investors’ nerves have been tested.

There is much anxiety about inflation and rising interest rates — not to mention a vicious invasion of a democratic country in Europe.

But with volatility comes opportunity. 

Fairmont Equities managing director Michael Gable nominated 2 ASX shares he would pounce on right now:

Lithium miner going for cheap

Lithium producers are all the rage these days, with the element in hot demand as an ingredient for high-end batteries.

Despite this, Australian lithium miner Pilbara Minerals Ltd (ASX: PLS) has seen its share price sink almost 16% in the past month, to close Monday at $2.56.

“The share price has fallen from $3.62 on April 4,” Gable told The Bull.

“The price fall provides an appealing buying opportunity, in our view.”

According to The Motley Fool colleague James Mickleboro, the stock price weakness is not related to the business internally, but rather a market-wide pullback on lithium.

“The lithium industry has been hit particularly hard, with Pilbara Minerals just one of many lithium shares that are recording sizable declines.”

Gable agrees, noting business metrics for Pilbara look good.

“This lithium company recently posted a solid March quarter activities report. Lithium prices continued to climb, while cash costs fell,” he said.

“Production is expected to increase during 2022.”

Despite the recent pullback in the stock price, Pilbara shares are still double what they were 12 months ago.

Is this former darling ready to rocket again?

After being a star performer for decades, the COVID-19 era over the past couple of years has seen CSL Limited (ASX: CSL) shares go nowhere.

But Gable, who is an expert in share price movement (technical) analysis, reckons the biotechnology stock could be ready to break out.

“The share price of this blood products group has been mostly range bound for the past two years,” he said.

“CSL recently bounced off the lower part of its trading range, and upward share price momentum paints a positive outlook.”

The Australian giant has a large plasma collection business in the US, which took a huge hit during the pandemic with donors staying home.

Gable suspects this arm can’t do anything but improve from here.

“We expect buyer support in response to improving collections of plasma.”

CSL shares have dropped more than 8.3% for the year, and remain at almost the same price as when the March 2020 coronavirus crash struck.

Motley Fool contributor Tony Yoo has positions in CSL Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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