Co. Looking Good for Renewed Vigorous Advance

May 11, 2023 (Investorideas.com Newswire) After big gains in the previous two months, technical analyst Clive Maund takes a look at Muscle Maker Inc.'s 6-month chart to tell you whether he believes it is a Buy.

Although Muscle Maker Inc. (GRIL:NASDAQ) is up some from where we bought it in the middle of March, basically it hasn't done much, as we can see on its latest 6-month chart below.

At the time we thought we were buying it at a good price on a significant reaction, but as sometimes happens it went on to react further so we could have picked it up at a better price later, but that said it has now recovered its poise and is up from where we bought and the reason for this update is that it looks like it will soon break higher into another strong upleg.

Basically, what happened with Muscle Maker over the past two months is that, after big gains, it had gotten tired and needed to take a rest, which it did in the Symmetrical Triangle shown on our chart.

However, with this Triangle now closing up and its earlier overbought condition unwound as shown by the MACD indicator, it is now good and rested and believed to be ready to advance anew.

Fundamentally there are plenty of reasons for Muscle Maker's stock to continue to advance. For a start it is buying back its stock but most importantly the company is swinging from making losses to moving strongly into the black with very strong revenue and profit projections for this year and especially for 2024.

It reported revenue of US$93.8 million for the month of March this year and check out this new research report from Goldman Small Cap Research (nothing to do with Goldman Sachs). Goldman has a 6 to 9-month target for the stock at US$4.50, which our charts certainly indicate is well within the realms of possibility.

We therefore stay long and Muscle Maker is rated a strong Buy here for a break higher into another potentially vigorous upleg.

Muscle Maker's website.

Muscle Maker Inc. closed at US$1.36 on 5th May 5, 2023.

More Info:

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Health, Wellness and Sustainability Stocks Research and News at Investorideas.com - investing ideas for a better world

Like Health, Wellness and Sustainability Stocks? View our LOHAS Stocks Directory