An 'oddball' AIM share worth watching closely
This small cap is down today, but had quadrupled in value this year. One to keep an eye on.
20th November 2019 08:36
by Alistair Strang from Trends and Targets
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This small cap is down today, but had quadrupled in value this year. One to keep an eye on.
ITM Power PLC (LSE:ITM)
Sometimes our attention is drawn to an oddball and ITM (LSE:ITM), manufacturers of hydrogen energy solutions, certainly fits the bill.
Their recent opening of fuel pumps at Shell Gatwick was truly impressive, generating hydrogen 'on site' from water with no need for gas deliveries.
We suspect quite firmly the novelty for complex electric vehicles shall diminish as a hydrogen infrastructure increases in the UK.
To be honest, a personal bias exists here, having created a homemade hydrogen generator. Thankfully, reality entered the equation before doing something really stupid.
It became quickly apparent feeding the gas into an old motorcycle engine very quickly (and very loudly) destroyed the machine!
Fortunately, the garage doors were open and ensured the area was well vented or it's possible this article would need be written from somewhere in orbit.
ITM have certainly been doing well in the last few sessions, and now above 80p risks some hesitation at 81.75p. Only with closure above the 80p level will we be happier as continued growth to a longer term 101p looks probable.
To drop out the immediate growth cycle, ITM share price needs below 46p at present, something visually unlikely. Surprisingly, one detail worth mentioning with closure above 80p is the big picture potential of a visit to 131p and beyond.
This share is one perhaps worth researching and keeping an eye on.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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