Whilst we fully understand that the electric vehicle movement is a ploy, a con trick to eliminate private motoring altogether for the masses by first of all phasing out gasoline-powered cars in their favor and then making electric vehicles impossibly expensive to run or simply immobilizing them all together, which can be done remotely via the internet using the “climate emergency” as the excuse or by the much cruder means of rolling blackouts and massive electricity price hikes, that does not mean that there is not plenty of money to be made by those companies that play along with it, and one such company is Beam Global (BEEM:NASDAQ), and with a name like this, it is sure to meet with the approval of the Globalists.
In fact, when you look at the company’s website, you might be inclined to think it was started by some members of the World Economic Forum.
On the long-term 13-year chart, which includes the entire history of the stock, we can see that, after a deceptive false start early in 2018 when it looked like it had broken out but then slumped back deep into the Pan base pattern, it really did break out in 2020 and spiked dramatically, but soon reversed into a vicious 2-year long bear market that saw it lose all of the earlier gains.
Zooming in via the 3-year plus chart, we can see that it effectively hit bottom a year ago last January even though it made a marginal new low in October, and what has happened is that the October low made a Double Bottom with the January low.
The duration of this base pattern has allowed time for downside momentum to drop out completely and for the moving averages to drop down close to the price and swing into bullish alignment, and for the first time since early 2020, the 50-day has just risen up through the 200-day, a so-called Golden Cross that very often marks the start of a new bull market.
Zooming in again using a 1-year chart, we can see the Double Bottom base pattern in detail and how the price broke strongly above its moving averages in November, a move that looks like a preliminary breakout, preliminary because it hasn’t yet sustained a breakout above the resistance marking the upper boundary of the base pattern, which is at about US$19 - US$20, but with the averages crossing it looks like the next upleg will succeed in accomplishing this.
The December reaction back to the vicinity of its moving averages is therefore viewed as presenting a good opportunity to buy it ahead of the next upleg and here we should take note that, because of what it is doing, it has a certain amount of insulation from the vagaries of the broad stock market.
A big positive is that there are only 10 million shares outstanding, and of these, only 3 million approx. are in the float.
Beam Global's website.
Beam Global closed for trading at US$16.86 at 3.03 pm EST on 5th January 5, 2023.
Note that the color green has been used for the charts in recognition of the company’s “green credentials.”
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