BGT has had an increase in weekly volume and buying interest, closing well above 50d ma and approaching a test of highs of last Sep around 20-22c. Positive news around trials for pest control in grain products.
BGT 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...
BGT 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...
BGT 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...
Weekly looks solid, though yesterdays daily candle was 'unattractive' to say the least BUT
not a lot came out intra on the push down, might move freely from here
With 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
