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Environmental Tech Firm's Stock May Be in Position to Reach New Highs
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Technical analyst Clive Maund reads Bion Environmental Technologies' chart and explains why he has a Buy recommendation on the stock.

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We have gotten nowhere fast with Bion Environmental Technologies Inc. (BNET:OTCQB) stock, having bought it at the points shown on its latest 6-month chart below, as it has remained stuck in a clearly defined trading range, and in recent weeks have sat it out as it has drifted slowly lower back to support within the downtrend shown. However, today's action was bullish, with a prominent bull hammer forming right at the support that bust it out of the downtrend. This implies that at the least it should rally back up to the resistance of the top of the trading range again, and there are several factors which suggest that it could do considerably more than that.

First of all the earlier overbought condition has not just fully unwound, the stock is now somewhat oversold. Meanwhile the rising 200-day moving average has caught up more with the price which puts it in a better position to mount a significant rally and lastly the Accumulation line has remained buoyant as it barely dropped on the recent reaction, which suggests resilience.

Bion Environmental Technologies chart

We therefore stay long for a rally at least to the top of the trading range and it is rated a buy here for that. If it gets there we will review its technical condition and if it looks like it is going to stall out we will probably dump it for a minor profit but if it continues to look good we'll stick with it.

Bion Environmental Tech website.

Bion Environmental Tech, BNET on OTC, closed at $1.52 on 8th June 2021.

Originally posted on CliveMaund.com at 6.50 pm EDT on 8th June 2021.

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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Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in the article are sponsors of Streetwise Reports: Bion Environmental Technologies. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Bion Environmental Technologies. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Bion Environmental Technologies, a company mentioned in this article.

Charts provided by the author.

CliveMaund.com Disclosure:
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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