There is alot of BS floating around courtesy of flawed technical analysis, namely from PhilW + Alphacenturion who look at BSG charts without reviewing PJO charts. This is flawed analysis and amateurish. BSG may fall further and I'm not saying it won't, but the issues should be viewed in a logical fashion.
PJO is holding support above $9.50, which happens to be the price of the placement to Sprott Securities. At present PJO is in a trading range between $9.50 and $10.50, and as evidenced by 2x hammers, and large bounce when gapped down is uncomfortable trading below this level. If PJO holds $9.50 then BSG should find support at around current levels 2.40-2.50 range. PJO may break down if silver corrects to a significant degree ie >15%, but noted with silver sell off from 14.50 to 11.60 PJO held its ground.
The big issue is SEMARNAT the Mexican Body giving authority to commence mine construction. As per Peter Nightingale, due mid to late May. Was to be issued in late Feb, but local beaurocrat has personal interest in hydrologics and was interested in seeing these plans in more depth. PJO could have pushed issue and authority would have been approved. But agreed to submit more detailed hydrologic workings. As this did not effect production timeline ,and in the interests of keeping the Mexican officials on side and acting as a good corporate citizen.
The SEMARNAT approval is the real issue, not flawed TA purely on BSG ignoring PJO. The approval is due in the next 3 weeks, and once granted upgrades PJO out of explorer category. This will move the PJO price, and I believe is what the TSX PJO investors are waiting on. The BSG /PJO divergence is due to skittish ASX investors/ traders chasing precious metals stocks that are running, and L-T holders being shaken out. Whilst more sophisticated TSX investors are getting set in PJO
BSG
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