After breaking down from a large Triangle (shown on the three-year chart lower down the page), Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) took a nasty tumble, but with uranium suddenly becoming attractive as a means of power generation due to fossil fuel power generation being sabotaged by the New World Order, big uranium stocks have started to power higher on heavy volume over the past week, Cameco Corp, CCJ, being a fine example.
Needless to say, this action in big uranium is starting to rub off quickly on stocks of lesser magnitude, such as Baselode and Skyharbor, and we are going to look at them as soon as time permits.
The reason that we are lighting on Azincourt first is that it looks like it’s the next in line to take off higher with it close to breaking out of a Cup & Handle base that has formed at a very low level, as we can see on its latest six-month chart below.
Note the persistent heavy volume on the rally to form the right side of the Cup, which is characteristic of a genuine example of this type of base, and the continuing strong upside volume as the Handle has built out. Neutralization of the MACD indicator opens up the possibility of a breakout soon, and the still big gap with the 200-day moving average is a measure of how oversold it still is.
Zooming out via the three-year chart to gain more perspective, we see the big spike that occurred early in 2021 despite the rather high number of shares in issue at over 200 million, which is most encouraging because of what it can do once it can do again.
On this chart, we also see how the breakdown from a large triangular pattern back last Spring led to the nasty slump that brought it all the way back down to strong long-term support at a very low level at what looks like an important cyclical low.
The long-term 12-year chart shows us the entire history of the stock and makes clear that, apart from occasional flurries of excitement, it has been essentially bumbling along in a giant low base pattern since 2015.
With uranium — and uranium stocks — suddenly coming into favor thanks to the willful sabotage of fossil fuel-based power generation by those driving The Great Reset, this looks like a great point to pick up Azincourt Energy, and it is rated an immediate speculative buy, and although labeled speculative, it is not considered to be especially speculative because of the setup and the positive outlook for the sector.
Azincourt Energy's website.
Azincourt Energy Corp. closed at CA$0.07, $0.054 on August 29, 2022.
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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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