February 28, 2022 (Investorideas.com Newswire) Technical analyst Clive Maund takes a look at this alt energy co.’s charts and rates it an immediate speculative buy.
Things are going well for solar stock UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB), which looks like a buy here after what is believed to be prolonged base building since it hit bottom last June after a reactive phase, as can be seen on its latest 2-year chart below. The strong Accumulation line which is currently close to new highs despite the price being less than half what it was at its peak, supports a positive resolution of this trading range.
On the 6-month chart we can see that a small Double Bottom has been building out this year above quite strong support, following a significant drop from its November high that has brought it back to a better entry price. Although moving averages are still in unfavorable alignment that will change fast if it rallies from here especially as price and moving averages are quite tightly bunched together, with this outcome made more likely by the relatively strong Accumulation line, as mentioned above. There is plenty of upside potential from here, as made clear by the position of the MACD indicator.
UGE is therefore rated an immediate speculative buy here.
UGE International website
UGE International Ltd, UGE.V, UGEIF on OTC
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) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
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5) 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 interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of UGE International, a company mentioned in this article.
Charts provided by the author.
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