Bullish potential detected for BWP

Entry conditions:
(i) higher share price for along with swing up of indicators such as DMI/RSI.

Stop loss for the trade would be:
(i) a close below the 200 day moving average (currently $3.43), or
(ii) below the support level from the open of 28th November 2023 (i.e.: below $3.35), depending on risk tolerance.

Trade active

UPDATE (week ending 11-Apr): For anyone who wished to undertake an aggressive trade after the sell-off that occurred in the stock on Monday 7th April, a trade entry signal did occur on Tuesday 8th April as the share price bounced off the 50 day MA, the ADX declined whilst the -DI declined and +DI increased, and the RSI increased on the daily chart. The share price closed above the 200 day MA, as well as both 10 and 30 day MA's at the end of the trading week. Do note, however, that the share price is still testing the long-term prior resistance level noted in the chart above (i.e.: $3.54 from 8th August 2023), which had been respected to the downside on Thursday. As such, the charts are suggesting caution to tighten the stop to under the recent swing low of $3.37 from Monday, which would work well in case of failure of the 50 day MA.

Note

UPDATE (week ending 17-Apr): Share price action was fairly constrained during the shortened trading week, with the share price closing just shy of the long-term prior resistance level noted previously yet again (i.e.: just below $3.54 from 8th August 2023). It was interesting to note that this week's price action respected the rising 50 day MA, so much so that the daily chart suggests tightening the stop as a protective/profitable stop to slightly under the 50 day MA, which currently lies at $3.45 at the end of the trading week (coinciding with the open of 8th April).

Note

UPDATE (week ending 24-Apr): Another shortened trading week saw the share price action successfully test the long-term prior resistance level noted previously ($3.54 from 8th August 2023), with the share price also closing above both 10 and 30 day MA's at the end of the trading week. Respect of the 50 day MA was also noted to the upside once again, with the charts suggesting further tightening of the profitable stop to under the recent swing low formed this week (i.e.: under $3.49 from 22nd April), which aligns perfectly with this 50 day MA.

3 days ago

Note

UPDATE (week ending 02-May): A good trading week for BWP saw the share price increase away from the prior resistance area (now potential support - currently untested from the upside) of $3.54 from 8th August 2023. Depending on risk tolerance, the charts suggest to consider either maintaining the profitable stop at $3.49 as noted in last week's note, or raising the profitable stop to a point just under this support/resistance area of $3.54. Trade is now considered a 'further bullish potential' trade.

Ivory_Wolf

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Ivory_Wolf

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