We are all looking for the bottom to form for BMN. Holders obviously want to see an end to the slide, new investors want an opportunity to get in cheaply, traders will want to get on, and some current holders will want to top up.
Well in looking for a bottom and possible rebound target, I notice theat the feft hand shoulder of an "Inverse Head & Shoulder" formation has formed.
In the pic below I have mirrored it to the right & in the bottom pic I have then mirrored it upward.
As can be seen if this formation completes, it gives a short-term target of around $2.80.
I have traded this pattern a many times over the years, they can be very powerful as they often form at the end of an oversold down trend & can trigger a strong re-rating as bargain hunters enter.
Worth watching
cheers
inverse head and shoulders forming
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 (20min delay)
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Last
$2.24 |
Change
-0.065(2.83%) |
Mkt cap ! $398.2M | |||
| Open | High | Low | Value | Volume |
| $2.29 | $2.32 | $2.22 | $249.0K | 109.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 757 | $2.23 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.24 | 7511 | 10 |
View Market Depth
| Last trade - 14.35pm 02/09/2024 (20 minute delay) ? |
| BMN (ASX) Chart |