Daily chart as many are short term focused atm. Last 12days bouncing off prior resistance at 5.8c keeping in mind closing price is the most important factor. Showing very good support atm. Although the 100 share purchase to take it from 5.9c to 6.2c was a bit cheeky yesterday. We have long tail hammers and doji's to signal indecision.
Last CR at 6c probably a big factor around this region. Volume dropping right off the last few days could signal selling is nearly over.
pattern so far is 2c increases followed by 1c pullbacks. I expect that may change if this wave up is a powerful wave3 impulse move. Will need significantly more volume if that is to become a reality.
Cup and Handle is well formed on the weekly and with fundamental analysis providing a tailwind to the technical analysis and improving macro environment particularly in the US this really is setting up for a rewarding 6-12 months for BLG investors. Ultimately ltholder patience could finally be rewarded. After enduring years of frustration while funding what appeared to be a bottomless money pit that is definitely a just outcome.
Whether you are positive or negative about BLG it is hard to deny there is plenty of action and media around the company right now.
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