BTT is in a long-term uptrend and rose by 140% in 2013. The stock reached an all-time high at the end of March ‘14 before pulling back 12% in April. No significant announcements were made during this period which indicates that the pull-back was likely a healthy correction due to profit taking and volatile market conditions. Technical indicators are in alignment with our view that BTT is undervalued as it is trading below its 50-Day Moving Average and the (14) Relative Strength Index is below a reading of 50. A continuation of the long-term uptrend is expected and recent market conditions provide a favourable entry point. Once can anticipate capital growth of 16% in the following three months.
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