Powerhouse energy share price was up by 11.4 percent in the intraday session on Thursday to trade at 1.83, building from Wednesday’s strong momentum. The company’s share price skyrocketed on Wednesday, closing the day at +28 percent, following news that the company had secured a patent for its technology.
The technology enables the use of a gas generator to produce electricity by heating one or more chambers with recirculated synthesis gas. The technology is touted as revolutionary in the waste-to-energy sector, as it makes the waste treatment process more efficient and, once running, it is able to complete the full cycle without relying on any external gas source.
The technology is designed to reduce reliance on virgin fossil fuels, and Powerhouse says that it is already in talks with a number of clients. According to the company, the patent will enable it to accelerate the development of commercial applications for our technology. Furthermore, the patent gives it intellectual property protection in the UK, which will be a key market for the technology.
In a week full of wins for Powerhouse, the company also revealed that a claim filed against its European patent and patent applications by Onunda Ltd (formerly GetGo Recycling Ltd) has been resolved. This has opened the way for the company to proceed with its patent applications in Europe and worldwide.
Following this series of good news, Powerhouse energy share price has risen by about 80 percent in the last four sessions, including Thursday’s intraday session. Furthermore, the share price is up by about 365 percent YTD, underlining the strong bullish momentum surrounding it. Looking ahead, the upsurge is likely to continue in the near term, but there’s a good chance that profit taking could trigger a consolidation ahead of the earnings release in late June.
The momentum on the Powerhouse share price calls for further upside, as indicated by the RSI. The buyers will likely remain in control if they keep the price above 1.66. The first resistance is likely to be at 1.91, but a continuation of control by the buyers at that point will break the resistance and potentially build the momentum to retest 2.25.
Alternatively, a move below 1.66 will favour the sellers to take control, with the first support likely to be at 1.45. An extended control by the sellers could break the support, and invalidate the upside view. Furthermore, it could result in more downside momentum to test 1.26.
This post was last modified on %s = human-readable time difference 10:10