BLVN

Possible higher low forming on this today. Here's the hourly chart showing what looks like a bull flag ending near the 61.8% Fib with an engulfing candle:



dl.dropboxusercontent.com/u/20815047/BLVNhourly21_05_13.gif

Just IMHO. I've got my stops at B/E at 68.75p and will add to my longs if there's a 123-low breakout above 73.5p

I'm long from the trendline and 68.25p support area with a tight stop:



dl.dropboxusercontent.com/u/20815047/BLVNdaily16_05_13.gif

I wouldn't want to see it get back to that 62/3p area as that means the trendline has broken (it could do this intraday, but I think that would have needed to happen yesterday as that was the trendline test).

Just my view

Triple bottom reversal anyone?

Could yet see 62/63p again here.

Bowleven is approaching the uptrend support formed from the 53p low on 28th June 2012 and is also close to the long term RSI support which goes back to August 2011.

The price support is at 67.4p today, rising daily, so it may be worth going long at around the 68p mark with stops below the nearby strong support at 62.5p. There's also a minor support at 68.25p. Main downtrend resistance is at 95.4p today (falling daily) with the minor downtrend at 89.9p. Watch out for an RSI breakout to help confirm a reversal.



dl.dropboxusercontent.com/u/20815047/BLVNdaily13_05_13.gif

F4T,

86p again proving resistance here although I thought we would see the 50% FIB from 81p to 90p.

What is your take on the movement?

ATB
Cole

colebrooke1,

I had another look at this last night. yesterdays low was exactly at the 61.8% fib retracement of the 62.80 to 102 move. It was a pretty confident bounce so that is quite positive. The negative is that volume was not good. If this level should fail then a 100% retrace to the low 60's is probable. 75 is the next support below that fib level.

Also note that there is some positive MACD divergence. Next resistance is the gap bottom at ~83.



F4T