Another Energy Stock Set to Rally
Source: Clive Maund for Streetwise Reports
April 20, 2018 (Investorideas.com Newswire) Clive Maund talks about an energy company he believes is on an upleg to new highs that is now in its earliest stages.
Pulse Oil Corp. (PUL:TSX.V) is in an established bull market, and it looks like it is just starting another impulse wave (move in the direction of the primary trend) after the completion of a lengthy correction from its early November peak back to important support at its rising 200-day moving average, as we can see on its latest 14-month chart below. This new upleg is expected to take the price to new highs for this bull market as indicated approximately by the large arrow on the chart. The volume pattern and volume indicators are all strongly positive and moving averages are in bullish alignment.
On the 6-month chart we can see recent action in more detail and how the correction of recent months has taken the form of a bullish Falling Wedge, with volume declining in an appropriate manner. This correction has restored upside potential, and the current bunching of the price and its moving averages has created a potent bullish setup that is believed to have triggered Monday's breakout move on increased volume, with Tuesday's dip providing us with the chance to buy it at a slightly better price, assuming it doesn't open up. Momentum has already started higher and with the price above both moving averages, it is in position to advance.
Conclusion: Pulse Oil is rated an immediate buy for an upleg to new highs that is now in its earliest stages.
Pulse Oil website.
Pulse Oil Corp PUL.V, closed at C$0.17 on 17th April 2018.
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.
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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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