ELE

The stock remains in a structural downtrend with confirmed lower highs and lower lows across multiple horizons. Stage 4 classification supports a bearish medium-term bias, allowing only short-side engagement. A recent rally into declining EMAs was rejected, providing a favorable entry point for bearish execution. The active Lockout Rally pattern reflects only short-covering demand without substantive trend reversal, thus we initiate a Sell Now into resistance at the short EMAs.

• ↑Q1 2026 revenue $24.3M (↑83% YoY) and adjusted EBITDA ~$18M (↑55% YoY)
• ↑Merger with EMX expands royalty portfolio; new assets forecast >$10M annual revenue
• ↓Negative earnings yield reflects analysts’ downward EPS revisions amid rising costs