Camber Energy has been making the rounds in the meme stock crowd the past few weeks, and for good reason. It has enjoyed a rally from 0.33 to recent peak 1.96. So what is behind the move? Lets take a look at the company:
“Camber Energy is leveraging our expertise and relationships to build a diversified organization with profitable business segments to increase stakeholder value. This balanced approach can expedite growth while reducing dependence on any particular division. Our aim is to acquire a majority interest in assets or entities with current revenue streams and realistic upside potential.
Within our Energy Division we intend to pursue opportunities recognizing the immediate dependence on current energy sources as well as the need to explore sustainable and profitable alternatives. Outside the Energy sector we intend to target opportunities with compelling metrics and scalability.”
Most recently, they have replaced the CEO with new blood. Also, they have recently signed an exclusive agreement to provide proprietary and patented carbon capture technology for all of Canada. Now lets take a look at the charts:
Camber Energy Elliottwave view
Medium term term view from the August 2021 low. The stock has been on a steady rally since that low. Initially, it rallied into ((1)), with a pullback in ((2)) which bottomed on Sep 1. After that, a wave ((3)) rally has taken place. ((3)) found a peak on September 16 at 1.87. After that, the stock pulled back in consolidation and bottomed in ((4)) on September 20. From there, another some nesting has taken place in the blue (1) (2) and Red 1 and 2. and has broken higher today.
The RSI is presently diverging against the wave ((3)) peak. This means that the instrument is likely within the final 5th wave of the advance. As long as the divergence holds, the 5th wave view remains intact. After ((5)) peaks, a larger pullback to correct the cycle from August 20/20201 should take place. If the RSI erases the divergence, then the instrument can still be within a wave ((3)) advance, which would be more bullish and offer more extension higher.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.