Bio Extraction BXI (TSX Venture) – Bullish Ascending Triangle

by Olivier on July 30, 2009

So much for BXI.V – Bio Extraction going back down to the 1 -1.10$ level. Judging from today’s strength odds are the stock won’t dip down into that price area. The ascending triangle could still morph into another pattern. Either some kind of rising wedge or some kind of flag pattern. Nothing is written in stone here. For now I see a bullish ascending triangle. No matter what kind of continuation pattern will evolve the important thing to keep in mind is that odds are high the trend leading into the pattern will resume once the pattern is resolved. That means over time we will see higher prices. A 2$ price target looks feasible.

I still have 2/3 of my original position on but I am looking to add to my position again. I don’t have a specific price in mind where I want to add. I just watch the consolidation pattern evolve. I am trying to gauge pattern pressure. If pressure builds again and I feel the pattern nears completion and a breakout is imminent I will try to reenter. I am not perfect so I might miss a good entry or might miss reentering completely. That’s part of the game.


Another stock displaying incredible strength today was WTM.TO – West Timmins Mining.
The stock closed at the day’s high. Odds are high there’s more to come.

Have a great evening!

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