April 18, 2006
SpeculatingStocks.com Stock Pick: Millennium Cell, Inc. (MCEL)
Stock Price: $1.74 (short-term strong buy)
Millennium Cell, Inc. develops hydrogen battery technology through a patented chemical process that safely stores and delivers hydrogen energy to power portable devices. The company expects their battery to meet demands in the areas of military, medical, industrial and consumer electronics.
MCEL has yet to generate major revenue from their hydrogen battery technology. However, they recently provided a fuel cell in collaboration with Intel. Intel is interested in power sharing between a fuel cell and a notebook PC battery. A deal with Intel could open many doors for MCEL.
MCEL is about to break out above $1.84 and possibly move much higher from there. MCEL volume increased significantly yesterday and is keeping pace today. Investors are beginning to look for alternative energy stocks. We placed a conservative $2.20 target on MCEL. It could move to a new 52-week high above $2.79.
SpeculatingStocks.com Target Price: We expect MCEL to reach $2.20 within the next 1 - 2 months.