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BIO-GENE TECHNOLOGY LTDBIO-GENE TECHNOLOGY LTDBIO-GENE TECHNOLOGY LTD

BIO-GENE TECHNOLOGY LTD

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BGT trade ideas

BGT Reverse H&S Pattern FormingBGT has just recently signed a partnership with Clarke - Public Health Mosquito Control and Aquatic Service company, a multi billion dollar world leader in their field. This partnership has validated the massive potential BGT's new mode of action holds. The recent announcement was met with some opportunistic selling / distribution however volume has begun forming a new support line at 18c. The chart is showing a reverse Head and Shoulders forming with a target price of ~32c.
ASX:BGTLong
by Sto
BGT Break of Falling Wedge PatternBGT once again has returned into its 17c support channel, and is shaping up to breakout this week of the falling wedge pattern. Diminishing volumes and stifled seller pressure was met with an urgency in buying in the last few sessions which saw supply thinning and subsequent price increase. R% was approaching the oversold territory for most of the pull back and now looks to be tracking towards neutral. It's been approximately 2 months since the last bit of material news and with several MTA's still undergoing testing there could be an imminent update. The selling and distribution that took hold following the last two announcements returned the share price back to pre milestone levels. It's pretty clear to me that there was an over reaction both buying/selling following the Mosquito Data announcement and perhaps some burnt hands whom bought tops proceeded to capitulate, selling in the following weeks. Anecdotally I saw some irregular algorithmic motions in the depth with Asks stacking up and shifting when Bids moved up as supply thinned. I also took note that the broker data appears to show Ord soaking without any selling over the last month, along with a few other brokers/instos whom appear to be soaking up much of the loose supply with Shaw being the primary seller. All in all , I feel pretty confident in BGT for the long and am intending to hold if all goes to plan until commercialisation. hotcopper.com.au
ASX:BGTLong
by Sto