Source: Clive Maund
July 18, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund reviews BacTech Environmental’s 6-month chart to tell you why he believes it may begin to advance.
After we bought BacTech Environmental Corp. (BAC:CSE;BCCEF:OTCQB;OBT1:FRA) toward the end of March, we had to sit out an unwelcome dip back to 6 cents that occurred after it broke down from its uptrend as we can see on its latest 6-month chart below. After forming an intermediate base above 6 cents, it then embarked on another uptrend that took it back up to resistance at the early March highs, where it has again stalled out.
We have kept it under observation over the past couple of weeks in an effort to determine whether it would react back in a similar manner to the March – April reaction, but it has – so far at least – held its ground with the now strongly bullish volume pattern suggesting that it will probably not react back further and is likely instead to start higher again soon.
Other bullish factors to observe, in addition to the strongly bullish volume pattern of the past six weeks, which has been almost entirely upside volume, are the strong Accumulation line which is a result of this, and the partial unwinding of the earlier overbought condition shown by the MACD indicator and the cross of the moving averages with the 50-day rising clear through the 200-day, which often marks the onset of a new bull market. The fundamentals of the company are understood to be very favorable.
We therefore stay long, and BacTech is rated a Strong Speculative Buy here.
BacTech Environmental Corp website
BacTech Environmental Corp. closed at CA$0.09, $0.065 on July 7, 2023.
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