The time has come to buy back Global Battery Metals Ltd. (REZZF:OTCMKTS).
We made a nice quick profit in this one which we bought on January 11th at about CA$0.14 and sold less than a month later at about CA$0.23 on the ninth of February, resolving to buy it back after due to consolidation or reaction.
As we can see on the latest 3-month chart below, we sold it very near to a peak, and it has since had a 3-wave A-B-C correction back to a zone of quite strong support, a little above its 200-day moving average.
It has gone from being very overbought where we sold it to oversold, and with volume having become light again and the Accumulation line now looking positive relative to price, the time is believed to have arrived when it should be bought back or fresh purchases made.
The appearance of a bullish "belt hold" candle on Friday, also known as a "white opening shaven bottom," is another sign that it is about to reverse to the upside.
Global Battery Metals is therefore rated an immediate strong Buy here.
Global Battery Metals' website.
Global Battery Metals Ltd. closed for trading at CA$0.155, $0.111 on March 17, 2023.
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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.
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