I know there has been some confusion since I was not informed prior to the event. However, it is really a non event in the whole scheme of things.
This past Monday, US Energy, which changed names from Hybrid Fuel Systems several months ago, finally go around to changing its symbol from HYFS to USEI.
The net effect to investors- zero- it means nothing. However, since the market was not informed in advance, there could have been a little “confused” selling in conjunction with the change.
In the meantime, the stock cannot seem to break out to new highs. It continues grinding in a range, despite the recent news of the largest contract in the company’s history.
Here’s the most current chart:
What strikes me is the series of higher lows without making higher highs. Clearly, there is some resistance at the roughly $.40 level. Persistance breaks down resistance. Perhaps it will require one, two, or three more tries to get through that $.40 and stay there. A big volume surge would help.
A good stop loss as we move towards the summer doldrums would be $.30. A few more big contracts like last week’s might just overcome the summer quiet period and keep the stock moving.
Comments and questions are welcome.
Is it USEI or USEH??
Editor: USEI
Despite USEI’s big announcement on 6/12 regarding their new big contract with GM Thailand, the stock only went up $0.01 on 6/13. If thhis news didnt move the stock up It wonder what will ? very hard to figure this market out.
Editor: It’s not hard to figure out at all. On the news the company got a $50k contract with the State of NY, the stock traded nearly 4 million shares. On the news their technology will be included on newly manufactured GM trucks, the stock traded less than 1 million. Everyone is selling, no one is buying. I believe fairly emotionally at this point. MY SSL stands at $.29. If you are a trader, sell it if it gets there. If you are a longer term investor, hang in there and wait for better markets ahead. It would appear this company will have plenty in the pipeline to fuel higher levels down the road when investors want to buy stocks again.