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BLVN daily 24/05/13

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Having made the break from the 61.8% Fib and the bullish wedge on the hourly chart, Bowleven has so far failed to follow through on this. This is a cause for concern as a 123-low breakout (the break above 73.5p) should really have been supported at that 73.5p level and clearly wasn't.

That said, it's just about hanging on to the very short term uptrend support from the 67.75p low so as long as that continues there's the potential for further upside.

What's also slightly worrying, given the lack of follow through described above, is the possibility that this is a wave 4 up in the drop from 102p. A failure of that short term uptrend will strengthen the argument for this case and likely lead to a new low below 67.75p, perhaps towards that 62/63p area which gave a double bottom some months back. Certainly, were there to be a new low on a 5th wave down, that would result in a bounce similar to that seen in XEL recently so all would not be lost for the bulls.

We'll keep a close eye on developments. Stops should be just below 69.5p (the higher low) or 67.75p for safety.
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Guest Friday, 16 November 2018