originally published Wednesday, July 08, 2020

Alternative Energy Alternative Energy

We made a tactical decision to take profits in UGE International this morning for the reasons shown on the chart below, with an email alert being sent out that read as follows…

“UGE International, which we bought in April, has doubled in the past week, and become critically overbought, with several long shadow candles in recent days indicating a high probability that it will react back. TAKE PROFITS IMMEDIATELY. Update on site later. We will look to buy it back later after consolidation / reaction.

UGE International, UGE.V, UGEIF, trading at C$0.47, $0.35 at 9.54 am EDT.”

Despite the short-term bearish factors described on the chart, UGE could yet end up making fools of us by forming a small bull Flag or Pennant and then blasting higher again anyway, but for the reasons set out, it is thought better to err on the side of caution until it looks better technically.

If it looks like it is going to take off higher again, perhaps after reacting back to the support shown, we will jump on it, if we are fast enough.

UGE dropped by a cent during the day after we sold it.

UGE International website

UGE International Ltd, UGE.V, UGEIF on OTC, closed at C$0.46, $0.35 on 8rd July 20.

Posted at 8.20 pm EDT on 8th July 20.

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 stockmarket 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.