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.
BGT Gap Fill and bounce towards 17c - 21c channelBGT failed its contiunation of the falling wedge breakout last week due to macro economic conditions as did many stocks globally. BGT appeared to hit bottom as the fear selling was mostly absorbed.
The 14.5c gap (Red dotted lines) was filled and promptly bounced back to 16.5. R% back into the oversold territory and with the macro markets bouncing globally BGT could see a decent rise back into the 17c channel.
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
BGT Falling wedge on all time lowsWith a Market Cap of ~$12 million and cash in hand of $5.3 million, and prospective multi-billion dollar customers trialling their product, this spec is highly undervalued.
Falling wedge pattern with next to no volume exchanging hands below 11c. Safe entry here IMO.
DYOR
