Alright time I got off the couch and did some TA for a change...
Plenty of ebbing and flowing over the past few months. As we know price action is high and tight right now!
A look at the short, medium and long term setup...
Daily - short termA nice move post JdV giving an update at the ADU conference recently and the market being informed that he and the Chairman are in Tanz at the moment in an effort to secure FDI! Price action swiftly moving back to the previous closing high and topside of the range of 19c. We have since seen a shallow, low volume consolidation around this mark and as of today on good volume a new closing high for the stock at 19.5c!
This 9 month period of consolidation looks to have come to an end today! As we know, the longer the consolidation period, the more powerful the move once resistance is taken out. Based on the channel range of 7.5c, this could see a measured move to 26.5c as the near term target.
Indicators are undoubtedly bullish at present, all rolling higher and indicating further room to move to the upside. MACD Jaws now opening wider once more above the 0 control line is what we like to see! RSI has plenty of room to move before entering the over bought region as well. For the price action to move above the bollinger bands (not on this chart), we need to see a close above 20.5c to open the door for a powerful continuation in the short term. This is highly likely IMO.
View attachment 3591884Weekly - medium termThis chart shows the breadth of the move over the past couple of years coming off a low of 2.5c to where we are today. One could hypothesize that we have a giant cup n two handle formation at play here....lol
If this is the case we could potentially have a measured move of circa 17c on the cards, taking the price to 36c to complete the setup. We can all agree that fundamentals at play for BKT could certainly support price action north of 30c in the near term.
A couple of positives to note on the indicators - MACD has confirmed the positive cross above the 0 control line which is super bullish + RSI still has room to move before the over bought region is entered. Won't be premature in de-risking when this happens as the last time it entered this region the price was 6.5c and ran all the way to 19c before moving back out. Price action is also above the topside weekly bollinger band (not on this chart), which is v bullish.
View attachment 3591866Monthly - longer termAnother very positive setup for BKT with the MACD jaws widening once more above the 0 control line.
I always like it when the short, medium and longer term setups are showing the same setups with indicators as it significantly reduces the risk of adverse price action. Topside bollinger band will be engaged when 20.5c is cleared for this month.
View attachment 3591869Looks like we are on the cusp of the next serious leg higher for BKT, so hold tight (or buy some more) and enjoy the ride.
it now feels like its Xmas eve !
