BAS (ASX) General discussion thread

Originally posted by dc1234: ↑

Will this be a decisive week for BAS and we start trading in 20s?

Please note that some of my comments may look optimistic and may not come true, so please dyor.

Review of Last Week - Numbers
We started the week on 18.5 and also finished on 18.5 - so theoretically we didn't gain anything on surface - but a lot based on other indicators
The minimum we reached the whole week was 17 - So now it will act as a strong resistance
The hold of 17 is the highest low we have done on a weekly basis - very bullish
We made highs of - 21.5/20/20/19/20.5 - so except for Thursday we did play in 20s. Usually before we get into something, we practice, and practice. Then we feel comfortable and go there. So we have practised getting into 20s this week - I feel we are ready to play there next week
.
.
Below is the Last Week Daily Data

.
.
Talk about Gravestone Doji on the Chart Thread - My views
I do believe in charts and follow it. But for me it is only one of the indicators which we have to use with other technical/fundamental indicators
Also, charts talk about probabilities. I follow lot of analysts, read/list at least 15 to 20 analysts every day - most follow charts - many are reactive rather than able to predict especially in a volatile market. But it still gives an edge for entering/exit so always respect that
Personally I am not concerned about it. Why? Because that is how we trade in BAS. We do that nearly every day.
If we look the above daily data last week - we did the same on Monday, Wednesday and Friday - so its more a habit than try to tell us about any sinister move
.
.
What was good about Last Week
We made a low of 17c, creating a strong support here
4 days we touched 20 or above - and in all those days it was supported by strong buying
The buyers are not playing for a cent or 2. They are ready to buy up. Nearly every day there has been strong buying towards the high. Then profit takers come in play at lower level. The big buyers are not fazed. They hold the level, wait for weak hands and create and orderly manner for a re-rate
We got Operations Update - though it was routine, it reinforced how good we are looking at current and some short term operations.
The Operations Update also showed strong revenue. It basically echoed what Tino said in the Quarterly - we are fully funded for 2023
This week was a defining moment for a number of other reasons - Last time when we rose and fell to 12.5, lot of doomsayers appeared and said that this si pump and dump, we going below 10, we are going to 6, etc. Because we held 17 this week, many such people who had doubts are warming up to the concept that this may be a real deal - they are not coming in droves, its only a trickle of few
.
.
What may happen next week
There is a good chance we may be trading in 20s, even early in the week, but very good chance by end of week
There is a very good chance we may make a new high above 22.5
There is a very good chance we may make a new high finish above 19.5
There is at least 50% chance that we may finish in 20s
The upper zone for this phase of trading for me is 26c - number that I watch for my trading stocks
Tino may surprise us with a positive announcement - that could give another angle and boost to the re-rate. Though we are capable of rising now based on current technicals and fundamentals
If for some reason we drop - it would be good to hold 17c. Probability at this stage of going there is low, but we should not rule out anything

Personally
As I have said a few times now here and in other threads, I follow two-third/one-third rule. I keep two-thirds of my holding into another account - long account. Rest one-third into a trading account and I buy/sell nearly every day
Although I have been playing with BAS from mid 6s, at that time I was mainly trading, so most of that I have realised
I started buying for long only on the current retrace and started buying from 15 down to 13 and then while coming up - For my long terms my average is around 14.5. I have bought fair few at 17/18/19 etc. As each day passes and things look good I will be adding more and my average will go up
I do 50/50 on heads and oppies. the Oppies have very good leverage but sometimes liquidity issue can happen, so for short trading heads provide that. For short term trading Oppies can provide that. For long term hold, if we believe BAS sp will rise higher, Oppies can be the best - so I hold a lot of Oppies. Risk is if for some reason price goes down, loss could be higher in Oppies

For those interested in general markets, Lithium and Uranium Sectors, I do a daily/weekly report. Here is the link to weekly reports for this week.

Lithium
https://hotcopper.com.au/threads/sya-weekly-report.6951924/#post-66328993Uranium
https://hotcopper.com.au/threads/age-weekly-report.6580138/page-2#post-66325785

And finally, I always believe in luck. Sometimes it is the most important thing in stock market as its difficult to quantify potentials and many may have similar potential but some may race away. I am just hoping that I have backed the right horse and lady luck will smile on us. Play safe and enjoy the ride. All the best.

Expand

I wish I could give you more stars. Very much appreciate the time you take to share your thougths.
Cheers

No.	Vol.	Price($)
1	73000	6.8¢

No.

Vol.

Price($)

73000

6.8¢

Price($)	Vol.	No.
7.4¢	99613	1

Price($)

Vol.

No.

7.4¢

99613

No.	Vol.	Price($)
1	73000	0.068
4	184925	0.067
2	350000	0.066
4	73846	0.065
1	33400	0.064

No.

Vol.

Price($)

73000

0.068

184925

0.067

350000

0.066

73846

0.065

33400

0.064

Price($)	Vol.	No.
0.074	99613	1
0.075	303333	1
0.076	150000	1
0.078	8000	1
0.080	182664	3

Price($)

Vol.

No.

0.074

99613

0.075

303333

0.076

150000

0.078

8000

0.080

182664

(20min delay)
Last 7.4¢		Change 0.002(2.78%)		Mkt cap ! $21.02M

Open	High	Low	Value	Volume
7.3¢	7.4¢	7.3¢	$13.86K	189.6K


Last 7.3¢		Change 0.002 ( 2.82 %)
Open	High	Low	Volume
7.3¢	7.3¢	7.3¢	26057
Last updated 15.29pm 03/05/2024 ?

I wish I could give you more stars. Very much appreciate the...

Featured News

Lithium Universe ends the quarter charged up for Quebec Refinery roll-out

Macquarie profits fall 32% on 'market volatility' and low-achieving 'green investments'

Dancing to that same 70s tune, China, and why I'm backing gold

Patagonia shares rise above 20% on lithium grades at maiden well in Argentina

Infini Resources gearing up for UAV geophys survey over Portland Creek

Carnarvon revs up for revised Dorado Development

BPH Energy renews NT Bonaparte Basin permit

Why Princeton Professor rates BlinkLab's autism & ADHD screening app

Provident Aurum's off-market bid sends Sihayo shares soaring

Car EV-olution accelerates Oz into pole position

Buyers (Bids)

Sellers (Offers)

Featured News

I wish I could give you more stars. Very much appreciate the...

Featured News

Top Stories

Lithium Universe ends the quarter charged up for Quebec Refinery roll-out

Macquarie profits fall 32% on 'market volatility' and low-achieving 'green investments'

Dancing to that same 70s tune, China, and why I'm backing gold

Patagonia shares rise above 20% on lithium grades at maiden well in Argentina

Infini Resources gearing up for UAV geophys survey over Portland Creek

Carnarvon revs up for revised Dorado Development

BPH Energy renews NT Bonaparte Basin permit

Why Princeton Professor rates BlinkLab's autism & ADHD screening app

Provident Aurum's off-market bid sends Sihayo shares soaring

Car EV-olution accelerates Oz into pole position

Buyers (Bids)

Sellers (Offers)

Featured News