Hi BOTsters
Full disclosure we did but don’t own BOT currently but keep on our list if the opportunity presents and passes our rules. So what do I think the chart shows currently ?
1) 35-47% retracements are not rare and most are pretty orderly as I’ve marked with the black dashed lines and most stocks particularly at this end of the market have them so not abnormal IMO.
2) It’s trended nicely from the lows of Jan 2023 (blue arrow) & seems to respect support/resistance levels (red lines) consistently even allowing for the drops.
3) The increase in volume bars below shows the impact of c/raises & the increased SOI which hands more power to institutional players & add to that the SP appreciation pushing the stock into the ASX 300 and ETF involvement which shows in the order book as constant small trades. But that adds liquidity as the volume bars show. To get to much higher levels you really need that so....... Where is BOT at now ?
1) Currently the stock is in a distribution phase after a good run to all-time high’s.
Again it probably feels painful to holders but the selling seems mainly orderly as in the past and not out of character for BOT & small caps have underperformed across the board owing mainly to the constant uncertainty out of the US leading to a flight to safety. Thank you TLS
2) The bars within the downward green channel have lengthened because there’s more stock to trade for big players who will buy & sell to meet KPI’s after stumping up for the placements. My crystal ball.
The stock is sitting on the important 50% fib retracement level between the 2 blue arrows at 0.295c, I think a wick or flush down to 0.27c (blue dashed line) is likely looking at the levels followed by a consolidation period into results & if the Co. reports what looks to be positive atm is confirmed I would think a rerate would be on the cards and another strong uptrend would be likely firstly to the top of the green channel & on a break of that new all time high’s. From memory into the mid 60c range. A miss would have it hunting the 22c range but I think that’s unlikely TBH.
Hope holders find this interesting or helpful.
Not advice blah blah just my take on what we see currently & for us it needs to show strength to re enter. There’s a lot of back testing & other work that goes into this but this post is already an epic so I’ll leave it there for now sorry.
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Thank you TLS
(20min delay)