Agriculture Co. On Point of a Larger Move
Source: Clive Maund
September 19, 2023 (Investorideas.com Newswire) Technical Analyst Clive Maund takes a look at Sadot Group Inc.'s 3-month chart to share why he believes the company is a Buy.
Sadot Group Inc. (SDOT:NASDAQ) has been kept under observation in recent days, and it now looks ready to break to the upside. On its latest 3-month chart shown below, we can see that it appears to have stabilized above an important support level after dropping back in a bullish falling Wedge pattern since late July.
Two big factors that point to a probable break to the upside soon are the fact that the price is below a still strongly rising 200-day moving average and the rapidly improving momentum (MACD), which is now trending higher.
To that, we can add that the price has pushed its nose out above the second downtrend line, with volume having become light in recent weeks and downside volume having eased off with the Accumulation line having held up well on the drop from late July.
With a tradable rally in prospect from here, Sadot is rated a Buy here, mindful of the lurking risk of a market crash later as we go deeper into the Fall.
Sadot Group's website.
Sadot Group Inc. closed at $1.02 on September 13, 2023.
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