BOD trade ideas
BOD...Pot stock at the start?Hello Traders,
here is BOD Australia Limited, a Pot stock.
The stocks priced as of yesterday's closing @ AUD0.48 a share.
To observe at the chart is my idea of the move to the low @AUD 0..225 and the move up since.
I have counted the 0.72 level as a wave (A) or (1) and the decline to 0.225 as a wave (B) or a (2) that subdivided into an “A”-”B”-”C”-flat pattern with an EDT in the wave “C”position.
This move retraces a 0.786 Fibonacci of the decline from 0.72 and it fits well with a wave “2” correction. A wave “B” of a flat retraces normally a 100 %-123,6%-138.2% of the wave “A” or a 0.618 in a ZigZag.
The advance from 0.225 is clear a five up (to my view) and finished at 0.72 a wave 1-2; “1”-”2”-”3” and a wave “4” correction is underway or it was done @ 0.42 AUD.
View the chart from a technical perspective, the Donchian channel was touched at it`s a lower boundary at the low at 0.42 and bounced since in a quick move to the upper and drop back below the centerline.
MACD; STOCH and RSI are still moving lower and the stock is declining in a trend channel, which could be counted as an a-b-c.
If the overall count is correct and will work out, the level to accept is at 0.225! A decline below will eliminate the bullish count and tell us, that something else is underway.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
$BDA Cup and Handle ContinuationBDA have formed a cup and handle continuation on the weekly, should the handle break to the upside the TA based target is around 90c representing an upside move of around 60% from the entry point of 55.5c. Volume will be required to confirm entry criteria
05/06/18- Bod signs agreement with Symbion, national wholesaler of
healthcare services and products. Australian pharmacy wholesaler servicing over 3,500 customers across Australia- including Good Price, Terry White Chemmart and Blooms. Incoming Executive Chairman George Livery (formerly Swisse Wellness) expects further distribution deals to be expedited in the lead up to the new financial year
30/05/18 - George Livery, Director of Strategy & Corporate at Swisse Wellness Group to become Executive Chairman
HOA with Manuka Pharma executed for the development, manufacture and supply of a hemp-based, high methylglyoxal, Manuka Honey product line – expected to be launched second half of 2018
Company has made significant progress towards the commencement of its Phase I Clinical trial, which is due to commence in the first half of calendar year 2018.
BDA dont ignore your alarms EVERThis is a note to self of sorts
This morning my entry alarm went off 4 times...but i was looking at another setup and gave that priority.
Once it launched and my 'missed entry' alarm went off i was absolutely filthy as i felt i was 'chasing' which has been a problem in the past and i simply refuse to enter
This move has created the other side of the 'cup' on the weekly
We might see it come back to the 60c area but im not interested now until it can break 70c and hold.
Disappointing
Bullish PotentialThe rally from September 2017 low to January 2018 high is clearly impulsive, no much overlapping internally, making a very strong upward move within a relatively short period of time.
What really catch my eye is the price movement after it peaked at 0.72 on 5 January this year. We can roughly count the decline in 3 waves. It retraced exactly 61.8% (a very common retracement level for the second wave within a larger 5-wave impulsive sequence) of the previous impulsive rally (also near the end of blue wave iv).
If the red (i)-(ii) count is correct, we should expect another strong move to break the January high in the near future.
For the short term, another close above the recent high of 0.5 would support the overall bullish count and would probably signal further upside potential.
