After we boughttoward the end of March, we had to sit out an unwelcome dip back to 6 cents that occurred after it broke down from its uptrend as we can see on its latest 6-month chart below. After forming an intermediate base above 6 cents, it then embarked on another uptrend that took it back up to resistance at the early March highs, where it has again stalled out.
We have kept it under observation over the past couple of weeks in an effort to determine whether it would react back in a similar manner to the March – April reaction, but it has — so far at least — held its ground with the now strongly bullish volume pattern suggesting that it will probably not react back further and is likely instead to start higher again soon.
Other bullish factors to observe, in addition to the strongly bullish volume pattern of the past six weeks, which has been almost entirely upside volume, are the strong Accumulation line which is a result of this, and the partial unwinding of the earlier overbought condition shown by the MACD indicator and the cross of the moving averages with the 50-day rising clear through the 200-day, which often marks the onset of a new bull market. The fundamentals of the company are understood to be very favorable.
We therefore stay long, and BacTech is rated a Strong Speculative Buy here.
BacTech Environmental Corp website
BacTech Environmental Corp. closed at CA$0.09, $0.065 on July 7, 2023.
Originally published on clivemaund.com on July 7, 2023, at 9:15 pm EDT.
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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.