Reliq Health Technologies Inc. (RHT:TSX.V; RQHTF:OTCQB), which we bought back into at the start of July, has certainly done well for us, as we can see on its latest six-month chart, and the purpose of this update is to point out that the technical pattern continues to look good at this juncture—and that it appears to be accelerating, driven higher by the parabolic uptrend line shown on our chart.
Here is the chart from the July 1 article showing a fine Hod base…
The target for this advance is the CA$1.00–1.10 area, where it will be arriving in a zone of quite strong resistance that we can clearly see on longer-term charts. Unless it breaks down below the parabola or volume becomes very heavy, we will stay long for that.
Note the particularly fine chain of bull flag/pennant consolidations punctuating this advance, and how they are accompanied by a marked volume dieback, which is a sign that another up-leg is incubating. That appears to be the case with the current pennant. Even if it consolidates here for a little longer, it is reasonable to expect it to break higher again soon.
Reliq Health Technologies website.
Reliq Health Technologies closed at CA$0.50; $0.385 at 9.30 a.m. EDT on 4 October 2019.
Originally posted on CliveMaund.com at 9.40 a.m. EDT on 7 October 2019.
PS: If you see any other charts that look this good, please let me know (before they've gone up).
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.[NLINSERT]
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