gloom and doom and brm, page-8

Hi all,

I last posted a chart on BRM on 23 Jan (Post 4972494). I have since updated it to reflect the situation at noon today (see attached).

At the last posting, I said (inter alia)..
'Following the sustained rise since 15 December, the price dropped for the third consecutive day on Friday to an intra-day low of $2.53 which made an exact touch on the median line of the green pitchfork, before recovering to close above that line. In pitchfork theory, the price always tends to return to the median line and at this stage that line has provided support (i.e. was not penetrated) on its initial test.

It is normal to expect the price to retest the support provided by the median line and despite any subsequent downwards penetration by future intra-day lows, I will be looking for the closing prices to remain above it to constitute a successful retest. That would provide me with an assurance that this level of support will hold and will provide a good base for another upwards movement. A successful retest of this line during the next week would give me sufficient confidence to add to my holdings on current weakness, in anticipation of the next rise.'

I saw the successful retest I was looking for on the next trading day (25 Jan) and duly added another 5,000 BRM shares to my holding on that basis. Since then, the share price has climbed above the resistance tyne of the blue pitchfork (marked as U-MLH, i.e. the upper Median Line parallel on the chart) for a further five successive closes above that line before sliding back to a very convincing, successful retest of the green median line on 5 Feb. As at noon today, it looks as if price will now close above the resistance tyne of the blue pitchfork this afternoon demonstrating another strong day. If this is the case, then the next target will be to test the strength of resistance offered by the upper green tyne at around the $3.05 mark and either push through, or pull back temporarily for a subsequent retest at that level.

Overall, BRM continues to maintain its long standing pattern of strong upward legs followed by only modest retraces and consolidation before continuing its inexorable upwards climb. Just inspiring! I wish all my other holdings were as reliable.

Regards,
Bones