(NEW YORK)–Taronis Technologies, Inc. (NASDAQ: TRNX) chart looks to be setting up for ‘possible’ run upward in the coming few sessions.
TRNX, a leading clean technology company in the renewable resources and environmental conservation industry, has shown some bullish breaks in their chart technicals that could set the stage for possible run to $1.00, and beyond.
On July 22, 2019, the Company announced a $165 million contract for up to 30 gasification units on behalf of Taronis Fuels, Inc. The contract consists of an initial purchase of 15 units over 18 months. The contract also includes an option to purchase an additional 15 units over 18 months. If a minimum of 15 units are purchased, the purchaser will receive a perpetual license for the Turkish market to the counterparty.
Ludlow Research, a small cap equity research firm based out of New York, made note to their subscribers that TRNX had broken above its 50-day moving average, which could set stage for it to test the 200-day just above $2.00. The RSI is bit high at 60, but still has room for potential move higher, with the MACD indicator also showing an upward trend.
The 10-day moving average has crossed above the 50-day, which is bullish, and is about to offer support for TRNX in next couple trading sessions. If TRNX were to make a move higher it would be during this period as the 10-day provides possible support for TRNX to make a run towards $1.00.
Potential risks could be TRNX inability to hold this trend above the 10-day, and worse off fall back below the 50-day, which would cancel any prospects for leg higher from these levels near-term.
Another risk is the RSI at 60 only gives TRNX enough room to make a run to $1.00 before triggering over bought conditions, on which stock could see some profit taking at that psychological level. The highest short-term range would be just under the 200-day, or between $1.50 to $2.00 when TRNX may experience technical resistance, and potential sharp pull-back as technical traders unwind their positions.
Then of course there is always the common risk of surprise reverse split, or large funding round, that always seems to surprise these sort of stocks trading under $1.00. But based on company recent reverse split only a few months ago that risk may be lower then would commonly be as those sort of things are only approved once a year of so, as a general rule.
All in all, many traders are adding TRNX to their radars as news and chart technical’s signal possible move up in the coming few trading sessions.
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About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the US and through its wholly owned distributors doing business as “MagneGas Welding Supply”. The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company’s website at http://www.TaronisTech.com
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