is an interesting company that makes hydrogen-powered vehicles and associated infrastructure and its "green" credentials.
On the 6-month chart, we can see that the stock plunged toward the end of April, and it is not clear (to me) why it did, although it could be that the market got wind of the looming sizeable private placement that was announced a couple of weeks later and which is now closed. After that drop, it made a good recovery.
It has been kept under observation in recent weeks, and I was initially somewhat leery of recommending it because of the rather unfavorable alignment of moving averages and the danger that this rally following the selloff is a countertrend rally to be followed by renewed decline. However, this interpretation is belied or contradicted by the decidedly bullish volume pattern during this period that has driven the On-balance Volume line strongly higher.
There has been some determined heavy buying in recent days, and with the 50-day moving average turning higher, it looks like it is starting to break out of the latest bull Flag shown into another upleg.
There has been no shortage of positive news from the company in recent weeks and months, and if this continues, it could drive the stock price higher, which is what is suggested by the strong upside volume in the recent past.
First Hydrogen Corp. is therefore rated a Buy here.
Whilst it has broken higher on the Canadian market this morning, which is more significant, it has dropped on the US OTC market, making it more attractive for U.S. buyers on this market, which should soon be corrected by arbitrage. Remember to always use stops on the OTC market, or you will put yourself at risk of being fleeced.
First Hydrogen Corp.'s website.
First Hydrogen Corp. closed for trading at CA$3.10, $2.06 at 1.20 pm EDT on July 11, 2023.
Posted on CliveMaund.com at 1.30 pm EDT on July 11, 2023.
- First Hydrogen Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of First Hydrogen Corp.
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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.