Hi (Adam.s),Sorry for not responding earlier, but I've only been...

Hi (Adam.s),

Sorry for not responding earlier, but I've only been checking this thread every couple of days. Attention elsewhere at the moment on other stocks.

At yesterday's close I fully expected to see BRM open down further this morning. I thought it would head progressively down to the junction of the bottom line of the blue pitchfork at point 'A' over the next four trading sessions, where it would have completed a 0.382 Fibonacci retracement, with a price low of around $3.37 before starting its next leg up.

Today's price movement so far is not marked on this chart (low $3.54, high $3.65) but it shows that price has not yet sunk below the level of the internal 0.382 Fibonacci line of the pitchfork (the light blue line). If price does not fall lower today than $3.54, then I would think it has found support at that line, which has proved significant in BRM's movements since 5 Feb. Just look at the number of touches price has made exactly along that line since that date, testing and re-testing both resistance and support.

We should have a good indication of where price will head when we see today's close, and if the intra-day low has remained at $3.54, we might avoid the full 0.382 retracement that I had expected. The only indication against this outlook however is that the Stochastic is still not looking good. I would therefore be inclined to top up tomorrow at $3.54 instead of waiting for $3.37 which may not be reached, but I would be cautious and want to see some positive signs - both Stochastic and volume - before I acted.

In the longer term, BRM still remains one of the strongest and most promising stocks I hold. Always looking to buy on dips to continually increase that holding.

Regards,
Bones