As expected, the rally off the intermediate trendline support failed and today the price has dropped below it (see previous post suggesting this may happen).

A critical level is now not far away for BLVN. The main uptrend support from the Dec 2008 low of 20p sits at 61.8p today (rising slightly daily) and there is also price support at 62p and 63p from previous bounces. It will be very important for this level to hold as it's the main uptrend and has provided those recent bounces. You can see its importance on the weekly chart below:

I'll be going long here with a tight stop. You can just see on the left side of the weekly chart that there's not a lot to stop this getting to 55p if 62p fails hence the tight stop.