What does Wildhorse Energy Ltd do?
This is a follow up to a posting I made on 8 May on Wildhorse Energy Ltd [ASX:WHE].
Originally dealing with coal and uranium assets in Europe, this company has recently undertaken an acquisition of large scale, high grade potash projects in Western Australia.
Potash is an increasingly sought after commodity. Mostly it is used for fertiliser in agriculture where potassium is deficient in the soil. It boosts crop yields and quality.
Anyway, what is the chart telling us now?
What does the chart look like?
Here’s the daily chart of WHE updated.
The spike in the chart is showing a big day in early April when the significant news regarding the acquisition of the potash projects in WA was released. Since then it could not break through to a higher level than that initial big news day, but has since formed a higher bottom.
What now for WHE shares?
Let the chart tell you what’s next for WHE shares. The fact that it has formed a higher bottom is really, really helpful.
If it breaks over prior tops or breaks the recent higher bottom, you’ll know how the potash acquisition is proceeding.
Note too, the last significant announcement was in late April. The chart will tell us soon enough if the acquisition has been a good one.
If you can read a chart you can have a fair idea of what’s coming next and you won’t need to read market comment — including mine. If you’re not quite confident yet, you can get some more ideas on reading charts here.
Research Analyst, Cycles, Trends and Forecasts