My wish would be for the 250 to hold, but just holding above 225 is good for now. The course of sales is rediculous. Who's buying? Year 9 students with their pocket money?
Aplogies Yeti, but the BMNBoBH is an exclusive group....only 4 or 5 members...No difference of opinion either. Just trying to remain objective, uphold some basic standards, and not take advantage of any new investors. All the best! kennas
Well done to those.
What do you mean by this kariba? Far above your fundamental analysis? I think you're referring to t/a, but it seems very obvious to me that BMN is responding fairly consistantly to support and resistance lines. It's been restricted, or respected, the downward trend lines for 6 months until last week. Now, what we want to see is it respect support lines (limited to going up) on an upward trajectory. Cracking 2.25 was probably the most important thing for BMN and having that then confirmed as support was very very important in establishing an upward trend. Otherwise it was at risk of falling way back. Likewise, with 2.50 and 2.75. All I want to see now is 2.50 proved as support. It will break through resistance lines on the way back up, but you'd expect plenty of consolidation on the way for a 'healthy' advance. Interesting that it's paused right on a resistance line...All just probabilities of course. This latest move through the 200d ma is another good sign. Indicators look pretty bullish. Anyway, I'm probably rambling to the converted. Nothing's certain though....
(Tho it must be said that low, choppy volumes of BMN mean that RSI is not really a reliable guide to momentum.) We have a Ross Hook at $3.95.
A breakout of $3.95 will confirm the upward trend.
IMO
Prophetic words, just give it a little time.
Yes, holding above 200d ma is very positive and to me means it's on a new path. If you are trading it, watch for RSI to break up through 80 for overbought signal. And yes, market will always 'value' a stock how it wants but it also almost invariably under and overshoots. In the long run a median will be found.
Nothing goes up in a straight line of course Ken, so we should all be wary and expect consolidation at some point, for this to be a 'healthy' rise. It did fall a very long way though, so while it's under the past high I think the market may allow it to move pretty quick, which it has of course. If POU comes off further this may be effected, but if it revives then it should be well supported. Let's not also discount the effect of the overall market in this. We're breaking all time highs and punter's appetite for risk has returned. 50% of this move could be attributed to that (one theory of market movements), so if the market comes off, this probably will as well. I'm holding a few more than you but am happy to keep holding at this stage, pending overall market behaviour. I'll probably be buying more on any pullpack to support, or significant breakthrough, which next may be $3.00 ish and then $3.25 ish. Each to their own of course....
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