We got enthusiastic about Smartcool Systems Inc. (SSC:TSX.V; SSCFF:OTC; R3W:FSE) early in the year, but not much happened. At one point in August it dropped back to about CA$0.04 before a five-week period of suspension, or a trading halt, was imposed. After the halt was lifted it rose a little and then went into a narrow range, before taking off quite sharply higher yesterday.
Now it looks like our earlier optimism regarding this stock was justified, as the company has just this morning released news of record-breaking sales by a big margin. It looks like Smartcool is going to break out above the resistance at the top of its recent basing pattern, and take off higher immediately, which its charts below show it is in position to do.
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.
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.