February 25, 2022 (Investorideas.com Newswire) Shares of this green technology company have bottomed out, making it a good time to buy back any positions sold or add to existing ones, analyst Clive Maund says.
We took partial profits in BioLargo Inc. (BLGO:OTCQB) towards the end of January because it had risen sharply to become quite heavily overbought, making a reaction back or a period of consolidation likely. In the event it pushed on a little higher after we sold before then reacting back modestly towards its rising 50-day moving average, and it is believed to have bottomed with a couple of reversal candles several days back, a dragonfly doji followed by a bull hammer, as we can see on its latest six-month chart.
The key point to note here is that although it is little changed in price since we sold (or partially sold), its technical condition is considerably improved. This is because it has substantially unwound its earlier overbought condition and because its volume pattern remains strongly bullish with strong volume on the preceding rally dying back quite dramatically on the dip with the 50-day moving average coming into play to better support another upleg. Another point to note is that BioLargo has not been impacted at all by the weakness in the market generally because of its intrinsic strength.
With its long-term charts looking most favorable and its positive fundamentals, BioLargo’s nascent bullmarket looks set to continue and probably accelerate, so those of you who are holding should stay long and this is the time to buy back any positions you may have earlier sold and also to add to existing positions.
BioLargo Inc website
BioLargo Inc. BLGO on OTC, closed at $0.265 on Feb. 22, 2022.
Posted at 7:55 am EST on Feb. 23, 2022.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Additional Clive Maund disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of BioLargo Inc., a company mentioned in this article.
Charts provided by the author.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
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