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BSG Bolnisi Gold - Technical Trade

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RichKid

PlanYourTrade > TradeYourPlan
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BSG Bolnisi Gold- Technical Trade

Bolnisi Gold BSG, check out the pattern. Note the bullish move (flag/triangle?) before falling sharply in early Dec04 and then recovering recently to hit resistance again. Reason for fall was option exercise diluting sp so sp was adjusted by co. Now looking to continue bullish move. Highly promising gold play, listing in Canada soon, expected boost to share price as BSG appears to be underpriced, some encouraging annc's recently. Technicals suggest it is knocking on the door of higher highs. More volume would be nice.

At about 55c/56c this morning (chart shows adjusted pricing).
 

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Re: BSG Bolnisi Gold- Technical Trade

This is the six month chart daily candlestick. Exp mov avg at 30 and 180 (lower one). Forgot to show vol in last chart hence this one.
 

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Re: BSG Bolnisi Gold- Technical Trade

BSG has broken through on reasonable volume (850k) but the resistance line is slanted upwards and more volume would have been nice. Maybe I should draw the resistance line at 58c horizontally?

Quite a big white candle, reached 60c. Most recent pattern was a symmetrical triangle, broke out today. Rough measurement is 66c next stop- base of triangle (10 ticks) measured up from break at 56c. Let's see if this is the move we were waiting for or if it'll fall back for another attempt. Close was quite strong, nice intraday chart, powered through from the open.
When looking at charts be careful to look for repriced chart after option expiry- current all time high is 60c (today, Friday).
 
Re: BSG Bolnisi Gold- Technical Trade

Finally decent volume (need more buy depth), but still hovering and not breaking through 60c. Higher lows is encouraging and Toronto listing is being tidied up, more good drilling news should be due soon as well if past anncts are anything to go by.
 
Re: BSG Bolnisi Gold- Technical Trade

BSG finally appears to have broken out, good volume. If it stays above 60c this week it'll be confirmed, any strong break below 60c and it'll channel up slowly imo, otherwise I'd expect a more vertical break to 70c+ on the current pattern.
 
Re: BSG Bolnisi Gold- Technical Trade

6 month line graph (closing price) of BSG showing general trend.

I don't usually use graphs with just one price per day but BSG has been a bit volatile and it was hard to pick up the pattern. The big dip down to the low 40's is because of the technical effect of option conversion.

The risk is it falling below the general trend channel support. If gold falls and BSG keeps rising I'll be much happier as it's hard to tell what's driving it, results of further drilling and financial transaction due soon. The increase in recent volume is very positive, any really big move will see 2m++
 

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Re: BSG Bolnisi Gold- Technical Trade

BSG has been included in the S&P ASX 300 so that will mean some fund managers will have to buy in and will bring it up on more radar screens. Holding nicely above support at 60c, might go sideways till the next bit of news.
 
Re: BSG Bolnisi Gold- Technical Trade

RichKid said:
BSG has been included in the S&P ASX 300 so that will mean some fund managers will have to buy in and will bring it up on more radar screens. Holding nicely above support at 60c, might go sideways till the next bit of news.
Click to expand...

The action has started already. BSG has soared to 70c on strong volume, currently falling off it now so 70c looks like next resistance level. Much more comfortable with the stock now (touchwood!) as it has established another little uptrend in the last month and with the longterm trend being up as well at a nice trajectory I'm waiting for that final spark which will see this zoom up towards the dollar mark.

I'll post a chart confirming the above later.
 
Re: BSG Bolnisi Gold- Technical Trade

Here's the chart as promised. Very strong volume, second highest for the stock so it is very significant (just over 3 million).
 

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Re: BSG Bolnisi Gold- Technical Trade

A breakout today to a new high.

Cheers,
GP
 

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