Cellcom Israel (CELJF) Stock is About Hit New Highs: How To Trade Now?

On Monday, the Cellcom Israel Ltd (OTCMKTS:CELJF) stock emerged as a strong mover and ended the day with gains of 9%. The rally in the stock came about after the company announced that it signed a term sheet with Meshek Energy Renewable Energy Ltd in relation to a joint venture.

The collaboration is going to be related to electricity provision for private as well as business customers in Israel. The move has been made by Cellcom in order to cash in on the upcoming reforms that have been mooted by the Israeli Public Services Authority-Electricity.

As per the provisions of the reforms, the Israeli authority is expected to open up certain parts of the supply chain and production of electricity of the country to compete. If that happens, then it could prove to be a significant boost to Cellcom and its joint venture with Meshek. At this point, it might be a good move for investors to keep the stock in their watch lists.