Following a few stocks in the ASX of particular interest, BOT represents a potential bullish opportunity should momentum continue and higher highs and higher lows be made past the current position. I'll cover this more in the upcoming weekly video, however as can be seen in the chart, the stock price is currently testing prior resistance (now support) of $0.14 and thus far intraday is also achieving good support from the $0.14/$0.145 level, aligning with technical indicators of RSI and DMI. Personal stop loss for the trade would be the low of the recent gap-down on 26-Sep (i.e.: below the low of $0.115).
Trade active
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Further update provided in the latest weekly video update
Comment
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Suggested in the latest video update for week ended 20-Oct to close out position in order to preserve capital if not wishing to stick to initial stop loss set on trade (since share price now firmly beneath 10 and 30 day MA's and below resistance levels; remove from watchlist).
Hi @marsman86, thanks for your message, it's great to hear from you.
No specific update here since the last video update back at the end of October admittedly, however from a quick review of the chart it is obvious that BOT has held up quite well over the past couple of months. BOT hasn't appeared in any of my recent scans, so the recent moves would appear to be based upon value plays rather than momentum plays, which would make sense considering that the share price is still within the broad share price range contained by the upper range of $0.21, with a specific resistance area of $0.20 established from the open of 31st August and 20th September. The share price is currently testing this area right now as at 3rd January 2024. Momentum indicators appear to be building (RSI and DMI) with the potential to push this through the resistance area along with the rising 10 and 30 day moving averages.
The initial support from the $0.14/$0.145 level would be a decent suggestion of a stop loss (conservative), for anyone who may be involved in a trade in this company, whilst the support level of $0.175 from the open of 19th September could be an alternative stop loss (more aggressive) - obviously not financial advice, see disclaimer within the attached video, but worthwhile considering should the trade turn around the other way. All of the best!