Shares of EQTEC PLC (LON: EQT) are down 3% today bringing their total losses in 2021 to over 21% despite announcing several positive milestones including the approval of its 25Mwe Billingham waste electricity power plant.
However, all hope is not lost since Eqtec shares are trading near a support level, which could trigger a rally if it holds over the coming days. A breach of the 1.9p level could trigger further declines, and investors should closely watch the area.
Eqtec recently unveiled a significant collaboration agreement with Logik to develop waste-to-energy projects across the United Kingdom. Yet, investors remained unimpressed with the achievement as reflected by its current downtrend.
The current support level holds a lot of promise for investors, but given that it has already been attacked twice this week without producing a bounce off it, there’s a good chance that the bears will push the price below it if nothing changes.
A major positive announcement from the company could change its fortunes producing the much needed bounced in favour of the bulls, but right now, the bears remain firmly in control of the price. A bullish close today would be a step in the right direction.
Eqtec’s prospects are quite promising. It has developed proprietary technology to turn waste products into electric energy. The rising demand for clean energy sources and waste recycling could act as significant tailwinds for the company.
Investors interested in the company should keep a close eye on its share price over the coming days to see if the support level breaks, indicating lower prices in the future.*
*This is not investment advice.
Eqtec share price.
Eqtec shares fell 3% to trade at 1.94p dropping from Wednesday’s closing price of 2p.
Should you invest in EQTEC shares? EQTEC shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are EQTEC shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
