It had been planned to post an update on Jericho before the open Wednesday, in response to good news out of the company, but a sudden power outage prevented it. In that event, it mattered little because although it ended up 3% up on the day, it closed below where it opened, so you wouldn’t have picked it up at a better price yesterday than it is at now. The alert that was planned to be sent out read as follows:
”Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTCMKTS) looks ready for a significant rally now. Over the past week it appears to have been forming an intermediate base with three bullish white candles having formed, and the Accumulation line has held up very well on the recent reaction. So it is interesting to see the very positive news out of the company this morning that it is teaming up with two North American food companies. We bought the stock again a couple of weeks ago when we thought the reaction had run its course, but it had a little further to go, however after its creeping gains of the past couple of days, we are already up a shade on that purchase.”
What was written in this alert remains valid, and the only comment to add after yesterday’s action is that, although it did close below where it opened, there was a volume breakout as we can see on its latest six-month chart below, and a stronger volume breakout on the U.S. traded stock, which implies that the next upleg has begun even if we see some short-term choppy trading.
We therefore stay long and this is also a reasonably good point to buy or add to positions.
Jericho is in hydrogen which is a fuel of the future.
Jericho Energy Ventures website
Jericho Energy Ventures. JEV.V. JROOF on OTC, trading at CA$0.69, $0.55 on Feb. 15, 2022.
Posted at 8:10 a.m. EST on Feb. 16, 2022.
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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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.