As I’m sure I don’t need to tell you, being right too soon in this business is the same as being wrong. A bottom was called in UGE International Ltd. (UGE:TSX.V; UGEIF:OTCQB) at C$1.50 on the site in the middle of February partly because it had dropped to a support level, but instead of turning higher it proceeded to drop further, as we can see on its latest 7-month chart below. That said it didn’t drop all that much, except on an intraday basis, and the good news – and the reason for this update – is that on Friday it put in a decisive reversal candle, a large “dragonfly doji” that formed on the biggest upside volume since November. This is regarded as a clear sign that the downtrend in force from mid-November is over and that UGE should now reverse to the upside.
We therefore stay long and UGE is rated an immediate strong speculative buy here and especially on any minor near-term dip towards the low of Friday’s range, as quite often happens after the appearance of such a candle. Note that because UGE is a solar company, the color “solar” has been selected in Stockcharts for its chart.
UGE International website.
UGE International Ltd, UGE.V, UGEIF on OTC, closed at C$1.40, $1.03 on 1st April 2022.
Posted on CliveMaund.com at 7.45 am EDT on 4th April 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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Charts provided by the author.
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