looking for a short term bounce to $1.40, page-12

Dear Biota Holders,

Regrettably I was forced to sell my holdings today (at $1-09) to conserve my capital.

I wish I had sold at $3-40 2 months ago but alas I was in love with Biota.

I was very tempted to buy back in at the $1-05 at todays close but stuck to my guns.

It was apparent that while there was a level of buying support throughout the day (usually 3-4000 on average per buyer) this was matched by the sell side at 10,000-15,000 per vendor - see the current buy/sell overnight with 2 vendors with 64,000 at $1-07.

In other words the punters were buying, the big boys were selling.

I was very concerned that if the price broke through $1-00 the next support level would be 85 cents and after that about 58 cents.

I acannot afford to lose any more capital - hence will only buy back in when the price exceeds 1ATR above the close (currently at $1-147).

While BTA has very good fundamentals it is at the mercy of the international markets with the fall today precipitating margin calls and triggering stop losses.

Unfortunately, if you have a margin call - which would you rather sell - BTA or BHP??

I didn't have any margin calls - it is simply that at the moment there is a higher probability that the market (& BTA) will continue to go down.

I am still a firm believer in the BTA fundamentals but I need to increase my probability of success and manage the risk.

Any comments/advice Shylock and Asteroider?

DYOR and LOL

Regards
Kangaroo1

COMSEC Share Quote as at 8:16 PM Sydney Time, Tuesday, 25 May 2010
Market Depth
BUY
52 Week
Number Quantity Price
3 16,950 1.050
2 12,000 1.045
1 10,000 1.040
2 12,005 1.035
3 10,000 1.030
5 16,914 1.020
3 11,460 1.010
10 35,700 1.000
1 20,000 0.995
4 23,100 0.990

Sell
Price Quantity Number
1.070 64,378 2
1.075 9,013 2
1.090 15,000 1
1.105 3,600 1
1.130 10,000 1
1.135 5,000 1
1.150 18,821 2
1.160 18,810 1
1.170 18,000 1
1.200 7,500 2

High Low
3.470 1.025
Last traded time
17:13:58
64 buyers for 288,273 units 67 sellers for 522,211 units