An email alert was sent out at about 9.10 am EDT this morning about Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTCMKTS) that read as follows…
"Jericho Energy is believed to be completing a small bull Flag that will soon lead to another upleg, bolstered by the strong oil price. Although now more a hydrogen stock it still has significant oil interests. Thus rated a buy at the open, or as soon after the open as possible. Jericho trades in adequate volumes on the US OTC market. We will be looking at its chart later this morning.
Jericho Energy Ventures, JEV.V, JROOF on OTC, closed at C$0.93, $0.767."
The stock has since opened little changed. In the last update posted on the 2nd May it was thought that a long corrective phase was completing that would soon lead to renewed advance, although it was also observed that there was some risk of Big Money running the stops below C$0.85 first to flush out these holders and mop up their stock. This they did and it has strengthened the technical picture. As we can see on the latest 6-month chart the price has reclaimed the failed support and is now consolidating in what is believed to be a bull Flag / Pennant that should soon lead to renewed advance, especially as the oil price continues to rise—although Jericho is now largely a hydrogen stock, it still has considerable oil interests.
Jericho is therefore liked here and viewed as an immediate buy for another upleg, which can be expected to accelerate if the price succeeds in driving its way through the resistance up to the February highs.
Jericho Energy Ventures website.
Jericho Energy Ventures. JEV.V. JROOF on OTC, trading at C$0.94, $0.776 on 9th June 21.
Originally posted at on CliveMaund.com at 10.30 am EDT on 9th June 21.
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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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.