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BMN

Bushveld Minerals - Support level and buying opportunityThe fundamentals of BMN are extremely strong, with high cash generation, ambitious expansion plans underway and H1 2018 financial results due in September. For more information on fundamentals, visit www.thebushveldperspective.com . From a technical standpoint, we've seen a recent retrace from highs (caused by a reduction in annual production guidance) which bounced off the 0.618 fib retrace level. The price came back up to the 0.786 fib line, which has previously acted as resistance for the stock with the RSI above 70. This also brings the price to the bottom of the channel defined by lows in the uptrend over the past few months. Given that the RSI is currently down at 40 and very close to a potential divergence support line, I see the 0.786 fib line as a key level - a finish over this (23.9p) could see a run higher into the mid-high 30s over the coming weeks .
LSE:BMNLong
by CalderCapital
BMN Long EWTBUSHVELD MINERALS • BMN trading near all time highs • Both Wave 3 and Wave iii are in motion • Momentum studies positive Currently trading near all time highs, Bushveld Minerals (BMN) still has room to continue higher. A rally begun with a gap after a year long consolidation period. With a high at 24.50 reached in May, BMN saw a correction back to the 17.10 level - finding support. The Elliott Wave 1 subdivided into a Minute impulse wave. Wave iv retraced 38.2% of the Wave iii advance, stalling inline with the 17.10 support level. Wave iii and Wave v tops saw bearish divergence, warning that a corrective phase was near. Wace C saw bullish divergence, again, giving a potential warning that the correction is over, and a new impulse move was about to occur. More recently however, BMN has had a solid advance, breaking above a psychological level of 20.00, and breaking above the May high of 24.50. It has given back some of its gains however, retracing and holding the 21.70 level. This has formed a new wave i and ii count equalling Wave 3 of higher degree. With BMN just hovering below 27.00 it has much more room to rally as it is in Wave 3 of both degrees. Though not always the longest wave, it has potential to move to 32.00. This level is the point at which Wave 1 = Wave 3. The RSI favours the bullish picture and reinforces the potential for a move higher. A possible retracement to the uptrend line is also possible and would be a great opportunity to go Long. Longs can also be entered at the break above 27.00 if a more conservative approach is preffered.
LSE:BMNLong
by AkifSHDin