12 Jan

A Stock in Accord With the Zeitgeist

January 12, 2023

Source: Clive Maund  (1/11/23)

Technical analyst Clive Maund reviews the 13-year, 3-year, and 1-year chart for Beam Global to tell you why he believes you should add this company on your radar.

Whilst we fully understand that the electric vehicle movement is a ploy, a con trick to eliminate private motoring altogether for the masses by first of all phasing out gasoline-powered cars in their favor and then making electric vehicles impossibly expensive to run or simply immobilizing them all together, which can be done remotely via the internet using the “climate emergency” as the excuse or by the much cruder means of rolling blackouts and massive electricity price hikes, that does not mean that there is not plenty of money to be made by those companies that play along with it, and one such company is Beam Global (BEEM:NASDAQ), and with a name like this, it is sure to meet with the approval of the Globalists.

In fact, when you look at the company’s website, you might be inclined to think it was started by some members of the World Economic Forum.

On the long-term 13-year chart, which includes the entire history of the stock, we can see that, after a deceptive false start early in 2018 when it looked like it had broken out but then slumped back deep into the Pan base pattern, it really did break out in 2020 and spiked dramatically, but soon reversed into a vicious 2-year long bear market that saw it lose all of the earlier gains.

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Zooming in via the 3-year plus chart, we can see that it effectively hit bottom a year ago last January even though it made a marginal new low in October, and what has happened is that the October low made a Double Bottom with the January low.

The duration of this base pattern has allowed time for downside momentum to drop out completely and for the moving averages to drop down close to the price and swing into bullish alignment, and for the first time since early 2020, the 50-day has just risen up through the 200-day, a so-called Golden Cross that very often marks the start of a new bull market.

Zooming in again using a 1-year chart, we can see the Double Bottom base pattern in detail and how the price broke strongly above its moving averages in November, a move that looks like a preliminary breakout, preliminary because it hasn’t yet sustained a breakout above the resistance marking the upper boundary of the base pattern, which is at about US$19 – US$20, but with the averages crossing it looks like the next upleg will succeed in accomplishing this.

The December reaction back to the vicinity of its moving averages is therefore viewed as presenting a good opportunity to buy it ahead of the next upleg and here we should take note that, because of what it is doing, it has a certain amount of insulation from the vagaries of the broad stock market.

A big positive is that there are only 10 million shares outstanding, and of these, only 3 million approx. are in the float.

Beam Global’s website.

Beam Global closed for trading at US$16.86 at 3.03 pm EST on 5th January 5, 2023.

Note that the color green has been used for the charts in recognition of the company’s “green credentials.”

 

CliveMaund.com Disclosures:
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.

Disclosures:

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: None. Click here for important disclosures about sponsor fees. 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.

Charts provided by the author.


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