dealing with Boilermech needs lots of patience. It is about 3 weeks after my comment on 23/2 only it runs. However, today price action shows that he is exceeded the upper BB(20,2) range, maybe retracement again to 0.89.
On 9/Mar, BM reached high at 0.915 but closed with inverted hanging man candlestick. Today, it reached 0.92 & as of now, it is at 0.915. Is this chart pattern a double top? I would say it can't tell by now. Compared to these 2 scenario, in term of the volume & price action, today movement is kind of more promising & positive for the price to climb higher in the future.
Hmm, maybe not for this time. Looking at his today volume, still not exceed 50% of the previous highest volume day. I believe BM downtrend wave move has completed. From the lowest 0.755, price up till 0.915 (wave-1) & retested low at >0.80 (wave-2). A higher low price action was in place. Now, it is the move of the wave-3 & it is powerful.
1.00 is the natural psychological resistance. However, looking from longer term, there is another trendline that joineed 7-Jun-16 & 4-Oct-16 has been breakthru at 0.88. 0.88 is a much stubborn resistance than 1.00. So, 1.00 for BM is just piece of cake.
Boilermech - something is brewing there.... price don't move much.... as good as special brew beer( not many like this beer). Once it brew, you should be happy man. So accumulate......
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
cheeyong
460 posts
Posted by cheeyong > 2017-03-08 19:50 | Report Abuse
Biodiesel is good for boilerm, Indonesia palm oil recovery..