It turns out that, having gone parabolic early this year in a move that was called, BioLargo Inc. (BLGO:OTCQB) wanted to correct deeper and longer than we had expected in the last update posted in April.
However, it now looks better than ever as it has arrived back at its rising 200-day moving average in a fully corrected state, as we can see on its latest 8-month chart shown below, and a range of factors strongly suggest that it will now embark on another upleg. Amongst the bullish factors to observe here is the increase in upside volume in recent weeks, with the Accumulation line showing remarkable strength and advancing to new highs, indicating that the stock has continued to be accumulated even as it has corrected back in a downtrend from its February peak.
With the price believed to be at the second low of a small Double Bottom at support just above the rising 200-day moving average, this looks like an excellent point to buy the stock or add to positions, and this interpretation is bolstered by the fact that that a tranche of warrants exists that have an exercise price of about US$0.25 on average and clearly, holders of these warrants will have no motivation to exercise them with the price down at this level, so this should help to put a floor under the stock.
Lastly, things are continuing to go very well for the various divisions of the company's businesses, and you can review them in the original article on the company posted early in February.
BioLargo Inc. (BLGO:OTCQB) closed at US$0.26 on July 1, 2024
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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. 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 cannot be construed as a recommendation or solicitation to buy and sell securities.
