Technical Analysis Watch for a breakout in shares of Greenlane Renewables Inc (TSX:GRN) as it is setting up below the upper trendline of a multi-month continuation pattern
Dwight Galusha | November 15, 2021 | SmallCapPower: Greenlane Renewables Inc. (TSX:GRN) is setting up below the upper trendline of a multi-month continuation pattern. Watch for a breakout as it would suggest (signal) a continuation of the uptrend.
Greenlane Renewables is in the RNG business, turning ‘waste’ gas, such as that created from decomposing food in landfills and cow manure, into usable natural gas to power trucks, feed into existing natural gas pipelines, and to create fertilizer. Think of it as natural gas recycling.
The Company recently reported its third-quarter 2021 financial results, in which Greenlane delivered its fifth consecutive quarter of record revenue ($13.4 million) with over 100% year-over-year growth and a record sales order backlog of $47.1 million as of September 30, 2021.
During Q3, Greenlane also announced new contract wins totalling $18.9 million for the supply of five biogas upgrading systems.
The Company ended the quarter with cash and equivalents of $35.6 million and no debt.
Dwight Galusha is a Chartered Market Technician (CMT) whose work can be found at www.SetYourStop.com
