This update is in regards to a major technical reversal and potential new breakout for $GRUV which is an emerging exploration company exploring for #hydrogen #silver #cobalt and #kimberlites in the Timiskaming Graben. The company also announced in their recent new release that they are expanding across Canada developing a multi-provincial portfolio.
Toronto, Ontario. 2024-10-30 3:15pm est
As of the time of writing $GRUV is trading at 7c up 16.67% on the day with heavy trading volume. The stock (along with others in the sector) have been going through a consolidation phase since Oct 16th. In today's series of technical charts I will explain why I think that consolidation phase is over and a few key levels to keep an eye on.
Daily Technical Update.
A couple of key things to note here in the chart below. First off, the daily candle is hitting a key resistance point on that trend line. I believe a confirmation of a close above that will signal the next leg up but also confirm the end of this recent consolidation phase. A key technicals support this idea - the daily RSI & MACD are both forming similar signals confirming this as they did around Oct 13th. Right before the move to 9c. With our without news I expect this trend line to be crossed this week.
Weekly Technical Update:
The weekly technical chart is also telling us a similar story. A bull flag has emerged. When a bull flag (which is highlighted with the two green lines) appears a weekly chart it has historical been a very bullish indicator for myself in the past. The confirmation is support by a cooled by up trending RSI and MACD. Strong buying volume has also been a good confirmation here too.
Where to next?
While there is NO guarantee on where a stock will move next I strongly believe we are emerging from a consolidation phase which has built a powerful floor under the current SP of 7c (at the time of writing). I expect further consolidation inside the weekly bull flag channel, however when we break out of it to the upside it appears the stock is primed for a big move higher. Coupled with news this event could be forceful in my eyes.
Exploration news: Which may be another strong catalyst to support price moves here.
Toronto, Ontario--(Newsfile Corp. - October 29, 2024) - Weekapaug Lithium Ltd. (CSE: GRUV) ("Weekapaug" or the "Company"), is pleased to announce that it intends to change its name to Protium Clean Energy Corp. which better reflects the Company's mission of clean energy exploration. The Company's common shares are expected to continue to trade on the Canadian Securities Exchange ("CSE") under the ticker symbol ("GRUV").
The Company believes that Canada has an opportunity to become a significant global player in clean energy through effective and efficient exploration for the metals, minerals, and gases required for the new economy. Management is excited to share its vision and tactical plans for moving the Company's current portfolio forward.
Hydrogen
The Company is pleased to update shareholders on the previously announced regional remote sensing gas survey over a 12,000 sq. km area of Ontario and Quebec. Data acquisition and initial processing have begun for the gases. Aster Funds has trained its QDFC Predictive Fingerprint Target Mapping algorithms and AI on the known hydrogen occurrences from the main graben areas in Temiskaming, where QIMC is located. This will allow the technology to look for similar spectral responses to QIMC and assist the Company in developing the best possible exploration strategy for hydrogen and other gases. In addition, hydrogen and other gas abundances in the survey area will be directly mapped at different seasons to define areas of high hydrogen and other gasses for follow-up ground exploration.
Kimberlites, silver, and cobalt deposits (critical minerals/metals) are known and are currently being collated in the satellite survey area. Utilizing different spectral and hyperspectral techniques, a selected area of 3,500 sq. km centred on the current claims area will be surveyed to determine target areas for exploration for critical minerals/metals and kimberlites.
Full disclosure: The opinions expressed in this article are not advice to buy or sell securities. Please consult a financial professional before making any investment decisions. The companies covered in this article include, Weekapaug Lithium.
Forward-Looking Information and Cautionary Statements
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($GRUV) #hydrogenstock #pennystock @motleyfool
