Bio Extraction BXI (TSX -Venture) – 60 Min Chart Technical Price Targets

by Olivier on July 11, 2009

Just a few observations and price target conclusions I draw from the BXI.V – Bio Extraction 60 minute chart. The recent gap up was a separation move from the 0.50 $ level that has for a long time been resistance and that has now turned into support. Whenever such a tidal shift in sentiment occurs odds are high once price moves away from that level a thrusting move ensues. That’s why I consider the gap to be either a breakaway gap or a continuation gap. Odds for it to be an exhaustion gap are extremely low.

So if the thrusting move is the beginning of a significant new trend the recent ascending triangle should be considered a continuation consolidation pattern. A 1-2-3 move or ABC move is likely. The price target would be around 1.15 – 1.20. A bit of overshooting is always in the cards. That would allow for a pull back where the significant 1.00 $ level would have turned into support. If the stock was to act like that I would consider it to be picture perfect technical action. Then 1.50 and 2.00 round number targets will be feasible. Let’ see what happens. So far BXI.V – Bio Extraction is one of the strongest and best performing stocks in my portfolio.


Let your winners ride.

Have a great weekend!

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