An email alert was sent out at about 9.10 am EDT this morning about Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTCMKTS) that read as follows…
"Jericho Energy is believed to be completing a small bull Flag that will soon lead to another upleg, bolstered by the strong oil price. Although now more a hydrogen stock it still has significant oil interests. Thus rated a buy at the open, or as soon after the open as possible. Jericho trades in adequate volumes on the US OTC market. We will be looking at its chart later this morning.
Jericho Energy Ventures, JEV.V, JROOF on OTC, closed at C$0.93, $0.767."
The stock has since opened little changed. In the last update posted on the 2nd May it was thought that a long corrective phase was completing that would soon lead to renewed advance, although it was also observed that there was some risk of Big Money running the stops below C$0.85 first to flush out these holders and mop up their stock. This they did and it has strengthened the technical picture. As we can see on the latest 6-month chart the price has reclaimed the failed support and is now consolidating in what is believed to be a bull Flag / Pennant that should soon lead to renewed advance, especially as the oil price continues to rise—although Jericho is now largely a hydrogen stock, it still has considerable oil interests.
Jericho is therefore liked here and viewed as an immediate buy for another upleg, which can be expected to accelerate if the price succeeds in driving its way through the resistance up to the February highs.
Jericho Energy Ventures website.
Jericho Energy Ventures. JEV.V. JROOF on OTC, trading at C$0.94, $0.776 on 9th June 21.
Originally posted at on CliveMaund.com at 10.30 am EDT on 9th June 21.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
Read what other experts are saying about:
Disclosure:
1) Clive Maund: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. CliveMaund.com disclosures below. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in the article are sponsors of Streetwise Reports: Jericho Energy Ventures. Click here for important disclosures about sponsor fees.
As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Jericho Energy Ventures. Please click here for more information.
The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Jericho Energy Ventures, a company mentioned in this article.
Charts provided by the author.
CliveMaund.com Disclosure:
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.
