O.K. - so BKP's SP is out the top of the Bollinger band after a squeeze. That indicator alone is enough to send me scurrying for confirming markers ... and there are a number of them. As follows:
1. I say again, the Bollinger 'squeeze'; this has been an enormously successful indicator for me over the past two years. When the bands come tightly together as they did on the 16th of last month and then stretch apart with the SP moving upwards across the commonly employed 20DMA I've found it to be a wonderfully reliable tool. If the SP hits the upper band just after a squeeze then its track for a time is likely to follow along the upward trajectory. Watch, of course, for any weakness. (I'm on my screen minute-by-minute for the six hours 10 minutes of trading, so - happily - I'm usually able to spot a reversal fairly early.)
2. My share-charting programme ('Pro-Trader' out of WA) shows a horizontal trend channel (a set of support and resistance lines) at 1.1 and 2.3 cents. The close at 2.4 cents represents a break-out above the resistance line.
3. The SP has also closed above the 20DMA (noted above) and 30DMA lines - positive territory.
4. There's a solid volume spike which will bring BKP to the notice of traders and others who may be stimulated by such a development when they complete their scans this evening, and - to throw some more fuel onto the TA flames - the OBV is pointing upwards.
5. The MACD and Stoc indicators are positive, and
6. The buyer/seller (B/S) numbers are terrific; at the close 201 buyers want 208 million BKP shares while only 124 sellers are making just 83 million of them available. (Those numbers, of course, change in the morning, but they - at present - make for the likelihood of a strong start tomorrow - Thursday).
I start watching my screen from 0700, and check in again every half hour so noting the changes in the B/S interest as the lead-up to the open progresses.
All other things remaining equal, we should have a pretty good day tomorrow. Frankly, I LOVE looking at the shape of the graph; it's got 'BUY' written all over it just now (we know the story's exciting, after all). An open at 2.5 would be marvellous; a gap on open would I think act as the precursor to a push towards three cents.
A good night's zuzz and let's see how the world markets treat us overnight.
Let's see how the morning turns out. for me if I had some spare (i.e. the world still being here tomorrow and oil still being a desired commodity), then if the present government hasn't busted our future overnight or the US decided to
BKP Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
