ELMT is technically weak; despite good fundamental news, lack of volume and poor chart structure suggest it will fall back from recent highs.

All right, next one here is going to be Elmt. This is the Elnet Group. Uh the stock is up 43% here. Closed at 16 bucks last week. is 23 here in the pre-market. We do have some news on this one.

The Department of Moore makes a landmark $450 million commitment investment here. Some more stats on that. They're going to expand the tungsten manufacturing and they're going to invest more than 165 million across Maine, Michigan, and Ohio with federal backing here.

The Springer Tungsten complex in Nevada, it's what it's called. So that's what your news is here. stock is popping on this. Quick peek at the short interest on this name. I do have 11.14% of the float shorter with 3.34 days to cover.

So while that's not high on either of our metrics, it's absolutely still elevated. Float on this thing is 12.11 million and on average it trades under a half million shares, done three plus million here today. 13 Elmt, what do you think?

Looks to me like you got some uh sellers at 24. I would agree. And we're going to need to see some really big expansion of volume if we're going to get through that in my opinion.

Um what's what's looking good though is that uh we are trying to you know the price is trying to climb back up there. We've recaptured VWAP. Uh we did uh get some support in the area that was near the 65 EMA.

We lose VWAP. I think the 65 EMA has to hold up or this is uh going to come in even further to the 200 and go underneath, you know, $19. Um, but I think that uh we could also do a bit of a trend line with this one the same way we did that last one and kind of give us a target to shoot for.

I kind of drew that one wonky. Let me fix that. Okay. So, that means that if this does end up expanding and getting through 24, I mean, there could be a potential uh run up to 28 29.

I I you know, I'm not sure we're going to get that. Uh I think this one's a little bit heavier. It's like 12 million shares in the float. So, it's it's much than the last one we were looking at, but still not that big.

I think this is a a great piece of news. I would want to spend a little bit more time uh looking into this. And oh, I just realized they just had another piece of news um last week about uh this company uh Elmet Group's German subsidiary to acquire assets of AMS I don't know what that is of AMS tungsten and malebdinum manufacturing. Remember that word?

Oh yeah. So that's very interesting the maleum part because that has been a u a material that has uh I've been talking a lot about as being the next potential uh you know material that's used for um making transistors. um they would be uh uh it would replace uh silicon uh it would have malledum uh it would be maladum dulfide is I believe what the uh the compound would end up being that would uh allow for smaller transistors to be made.

So that's an interesting uh uh part there. Now I really want to look into this some more. But tungsten malibdinum um 450 million sounds like a lot of good things happening here.

I don't know exactly where this heads today. I I want to spend a little bit more time looking into this because it's it's kind of interesting. But uh just looking at the technicals here, I think that trend line that I drew is is one uh thing to watch for. that break over 24 is is certainly something we're going to want to see uh happen first if we're going to get up to those 28 $29 prints and then of course we need to see that volume.

So uh if we get all that great but first things first let's get above 24.

Uh Elme after hitting that 65 EMA trying to uh recapture those levels nullify this uh head and shoulders pattern still not able to get uh back above the right shoulder yet.

Elmet is still uh holding above at 65 EMA

uh ELMT. This is uh still trying to hold above it 65 EMA, but it's trading beneath it now. Looking like this could end up falling further here if we don't get some buyers to step in.

All right, this ELMT, we'll see if that ends up able to hold at 65 EMA.

All right. FTF that ELMT looks like it is bouncing from the 65 EMA.

Then uh Elmt still above it 65 EMA. Still having trouble getting above VWAP, which would uh you know be part of what's needed to happen if we're going to nullify this head and shoulders pattern.

Still still not convinced on Elmet. Uh this one uh still working on uh holding above the 65 EMA, but I just really don't like this this this chart on the fivem minute. uh volume is not uh expanding in the way that we we need it to if we're going to see this nullify the the bearish pattern. Still get the sense that this comes in.

Elmet finally breaking down. Uh losing at 65 EMA. So, next support's going to be 200 EMA. Uh that would be I think this is that's where it's headed next. To me, this looks like it's going to give up uh a lot if not all of the the move it had. just really don't like the way this chart looks.

Uh, and so far we're getting a resolution of this chart.

Elmet that did recapture its 65 EMA. Still struggling to recapture the VWAP. And uh need to see better volume than this, too, if we're going to uh nullify this head and shoulders pattern.

Still still not one I'm interested in, though. Don't let me stop you from trading it. If you if you see something that I'm not seeing, then then go ahead and and do your thing.

But uh I just I don't like the way Elmt uh looks.

Elm uh T is still above 65 EMA, but it is also slowing down.