BLVN

We should see 75 soon on this one.

F4T, 81p close held again do you think it may still come back to test mid 70's support?

colebrooke1,

I had another look at this last night. yesterdays low was exactly at the 61.8% fib retracement of the 62.80 to 102 move. It was a pretty confident bounce so that is quite positive. The negative is that volume was not good. If this level should fail then a 100% retrace to the low 60's is probable. 75 is the next support below that fib level.

Also note that there is some positive MACD divergence. Next resistance is the gap bottom at ~83.



F4T

F4T,

86p again proving resistance here although I thought we would see the 50% FIB from 81p to 90p.

What is your take on the movement?

ATB
Cole

Bowleven is approaching the uptrend support formed from the 53p low on 28th June 2012 and is also close to the long term RSI support which goes back to August 2011.

The price support is at 67.4p today, rising daily, so it may be worth going long at around the 68p mark with stops below the nearby strong support at 62.5p. There's also a minor support at 68.25p. Main downtrend resistance is at 95.4p today (falling daily) with the minor downtrend at 89.9p. Watch out for an RSI breakout to help confirm a reversal.



dl.dropboxusercontent.com/u/20815047/BLVNdaily13_05_13.gif

Triple bottom reversal anyone?

Could yet see 62/63p again here.