Is the Trend Turning for This Psychedelic Stock?
Source: Clive Maund for Streetwise Reports
April 20, 2021 (Investorideas.com Newswire) Technical analyst Clive Maund charts Delic Inc. and explains why he considers the stock attractive at this point.
Delic Corp. (DELC:CSE; DELCF:OTCQB) is a stock that we last bought in the middle of February that has gone badly against us, as can be seen on its latest 6-month chart below. We have had to sit it out waiting for a turn, and the reason for this update now is that we may be on the point of such a turn.
The fundamentals for the company remain positive and the price/volume action here suggests that it may be marking out the second low of a small Double Bottom, having dropped back into a zone of significant support. Upside volume has improved in the recent past and the Accumulation line is strong relative to the price and not far off making new highs, which is normally a sign of internal strength. In addition, momentum (MACD) has broken above its moving average, which is often associated with a reversal of trend.
We should therefore stay long and the stock is regarded as attractive here for new buyers in particular, not just because it is now cheap, but because of the proximity of a clear line of support at about 34 cents, which means that any new position can be protected by means of a fairly close stop.
Delic Holdings website
Delic Holdings Inc. DELC.CSX, DELCF on OTC, trading at C$0.36, $0.29 at 3.02 pm on 16th April 21.
Originally posted on CliveMaund.com at 3.45 pm EDT on 16th April 2021.
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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