Great questions and I'll do my best.
Firstly, just need to clear something up. The .245 support level isn't a BB thing. That level has been a support / resistance level since back in April and it's still very valid.
Here's a chart without the BB's to demonstrate.
That being said, I did post a chart this morning with what I believe as significant levels of support in regards to the recent days price action and that's the 8ema, the .245 and the bollie median line which is currently sitting at .23 cents.
Now, TA gives us these levels as probabilities then we just need to grade them as either strong probabilities or weak ones. Because in reality we have no idea if an insto decides to drop 15 mill shares to rebalance into another trending sector. We also aren't aware of the insto who is lowering they're exposure of resources and building positions into the strengthening Bio sector. So again it's probabilities.
So we could take a back step from the technicals and just rely on the old saying, "let the trend be your friend". Well on this chart which spans nearly 12 months, the BB's clearly show and demonstrate the trends. (of course lower half of Bollies being downtrends and the upper side being uptrends ).
You can easily make solid investing decisions on that alone. IMO.
Click on chart to expand.
I honestly don't know if I've answered your question or not. In a Covid haze down here.
Cheers.
IMUGENE CHART. TA only, page-16782
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13 | 1893985 | 0.061 |
31 | 5573151 | 0.060 |
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Price($) | Vol. | No. |
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