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#Gold #Nasdaq It’s interesting Chariot have moved into “wind” with a substantial Wind Power financing agreement. With reports of considerable problems in South Africa with their conventional electricity generation systems, it certainly appears more Wind Power shall be required immediately in the country, doubtless providing a reasonable income stream for the company. Here in Argyll, we’re have an opposite problem, local communities rebelling against plans to install a Wind Farm with 250 metre blades. It’s hard to disagree with their arguments as tourism is a major part of the economy as people come to enjoy the mountains, rather than have scenery obscured by massive windmills. Of course, electricity locally is generated by Hydro-electric plants which means there is no local need for wind farm power generation.<\/p>\n
However, it’s sane to assume South Africa has plenty of room for big wind turbines, time spent driving through the country giving plenty of opportunity to become bored with the complete lack of scenery which could only be improved with the growth of wind generators. Hopefully Chariot Oil shall experience a profitable future with this initiative.<\/p>\n
As for their share price, despite it enjoying a day in the sun with news of their new contracts, the share price failed to close in a zone where we’d be cheerfully promoting the idea of big things coming. But the chart extract below which shows the share closing the day at 1.58 highlights the problem, the price failing to achieve a “higher high” by closing just a little higher above 1.62p. While it is only 4\/100ths of a penny, the visuals give plenty of reason for a degree of concern. We certainly hope the days ahead shall give the price the opportunity to close above 1.62p should be capable of triggering some reasonable price movement.<\/p>\n
Such a scenario calculates with an initial target of 2p with our secondary, if bettered, at 2.45p.\u00a0 Significantly, this would take the share price into a zone where the big picture trend from April 2022 intrudes and gives a third level long term target at an impressive 3.2p.<\/p>\n
Of course, there’s always a converse scenario and in this instance, it requires Chariot to close below 1.40p as this risks a visit to an initial 1.2p and hopefully a bounce. Our secondary, if broken, works out at 0.8p and the risk of the share price finding itself trapped until there’s a material change in the company prospects. At present, there are absolutely no signals suggesting this shall be the case but it’s always worth remembering.<\/p>\n
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