On its latest 4-month chart we can see that it tried to break out of its Cup / Double Bottom base a few days ago and the fact that it didn’t succeed on this occasion is not negative at all. The brief stab higher drained off some overhanging supply and we can also see that there has been good upside volume in recent days which is bullish especially as it has led to a strong advance in the Accumulation line. In addition we can see that momentum (MACD) continues to improve, so it is viewed as only a matter of time – and not much at that – until it does break out of this base pattern, whereupon it should advance initially to the resistance zone approaching and at C$1.30.
We therefore stay long and Atha Energy is viewed as more of a buy here than we first looked at it on the 7th.
Atha Energy Corp website
Atha Energy Corp., SASK.CSX, SASKF on OTC, closed at C$1.02, $0.767 on 19th December 23.
Posted at 7.15 am EST on 20th December 23.