Powerhouse Energy’s (LON: PHE) share price has been on a roll since its bottom in July 2023. The shares are now trading 35% above their weekly low of 0.6p. At press time, the stock is changing hands at 0.8p after an 8% surge in today’s trading session.
The primary reason for the recent price action can is the bounce in the FTSE 100 index. The index is currently up 31 points after a gain of 0.41%. It is slowly making its way to retest the 200 MA. If it breaks above that level, FTSE 100 might have more potential towards the upside.
On Thursday, The UK technology company was asked to pay the application fee for the patent of its “Method and Apparatus for the Treatment of Waste Material”. The patent was for its waste heating control method in a thermal conversion chamber to produce the most efficient synthesis gas.
The Chief Operating Officer of PHE also announced the company’s intention to construct a technical center to build a pilot plant, enabling them to develop new intellectual property. He expected the pilot plant to be finalized by early Q1 2024. Despite all these developments, Powerhouse Energy share price remained 92% down from its 2020 all-time high.
The price chart for LON: PHE shows that the price has broken the trendline that it had been following since the start of 2022. The price is currently sitting 8% above the trendline and reaching the critical resistance level of 0.858p. The bears will be eyeing a trendline retest if the price fails to break above the 0.858p resistance level.
Powerhouse Energy share price prediction would flip bullish on a higher timeframe if it gains strength above the critical resistance level of 0.858p. In this case, bulls will be eyeing 0.96p as their next target. If they maintain the upside pressure, the price might also rally towards the 0.5 Fib level which lies at 1.25p.
In the meantime, I’ll keep sharing the updated Powerhouse Energy forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on %s = human-readable time difference 20:47