The Energy Report
Technical analyst Clive Maund charts a company that just received word the Puerto Rico Electric Power Authority wants to reopen negotiations on a major solar power project.
Greenbriar Capital Corp. (GRB:TSX.V; GEBRF:OTC) is a stock that we got excited about last year, but nothing much happened and it went into a stubborn intermediate downtrend from its October peak, that has brought it all the way back to important support in the C$0.80C$0.85 zone, as we can see on its latest 1-year chart below.
However, this downtrend looks set to end abruptly and perhaps dramatically due to the news that PREPA (Puerto Rico Electric Power Authority) has communicated to Greenbriar that it wants to reopen negotiations to move forward the world class Montalva solar power project. This is BIG news and we can expect Greenbriar stock to at least break out of the downtrend today on good volume, and it might gap out of it.
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We therefore stay long and the stock is an immediate buy at the open, even it does gap out of the downtrend if we see a big gap on very heavy turnover it will of course be very bullish and mean that the stock is headed to much higher levels, and will deliver on its original promise.
Greenbriar Capital website.
Greenbriar Capital Corp, GRB.V, GEBRF on OTC, closed at C$0.87, $1.11 on 5th February 2019.
( Companies Mentioned: GRB:TSX.V; GEBRF:OTC,