I’ve been experimenting with the scanning capabilities of my trading software (Optuma) and it threw up BTI a stock I haven’t traded previously but bought into today.
I thought I’d share some analysis I did on BTI. There were a few disparaging comments on HC re the stock but everything in my TA came up roses – so we’ll see where it goes.
The stock is in a technical uptrend (black diagonal line on chart), making higher highs and lows on the weekly chart.
It has probably just completed a Elliott Wave 2 and is rising on W3 which is the strongest and longest rising wave in a cycle.
It’s a bit illiquid as turnover is less than I like.
The strongest tick it gets from me is that it’s made a cup and handle pattern with volume on the handle break of resistance (drawn in red) with targets of $1.16 and $1.25 (the latter offering an 11% profit on my buy price).
Price seems to react to time lines (vertical lines on chart) and they suggest price should go higher.
Company provides seed capital for emerging hi-tech companies (read high risk).
Horizontal lines are software generated probable resistance levels based on the premise natural resistance occurs at regular intervals. Numbers are Elliott Wave identifiers.
BTI Price at posting:
$1.13 Sentiment: Buy Disclosure: Held
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