Inspired Energy: Weekly chart target towards 23p

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Inspired Energy: Weekly chart target towards 23p

Seldom do I follow stocks which have been recently featured in the financial press, largely because I feel that the financial press is not what it used to be. But Inspired Energy (LON:INSE) has made the grade, and deservedly so.

Energy saving group Inspired Energy is featured here as a Chart of the Day despite being backed in The Midas Column of The Daily Mail over the weekend. the group has 1,600 companies on its books, and earnings growth, revenues and the order book are all rising sharply. Interestingly, even though the fundamentals look to be very much on the front foot, the rating of the company on a p/e of 10 is relatively modest. This should allow decent scope for upside over the next 2-3 months.

Looking at the weekly chart it can be seen how there has been a rising trend channel in place since as long ago as the beginning of 2013. The floor of the channel is currently running at Friday’s 12.5p floor, with extra dynamic support at the 200 week moving average at 11.41p. All of this allows us to suggest that at least while there is no break back below the 200 day line we could still be treated to significant upside.

The favoured destination at this stage is regarded as being the top of the 4-year rising trend channel with its resistance line projection heading as high as 23p. The timeframe on such a move is regarded as being as soon as the next 2-3 months.

inse chart

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