Bowmore Exploration – BOW.V is displaying great technical action here. The pullback so far looks like a successful retest of the recent all time high. The more liquid a stock is the more valid technical analysis really is. Then again when looking for undiscovered gems in the gold mining exploration business you often can’t have it both ways. That said the technicals look awesome and volume is slowly starting to increase. I often state on my public list that a stock is acting ‘as expected’. That sure is the case with BOW.V – Bowmore Exploration.
Keep in mind the fact that when a stock is acting as expected it really shows you are in sync with the stock and its trading personality. That’s why I added to my position and bought a few more shares during today’s decline. I expect the stock to trade slightly below or above 1$ for a while and if good news starts coming out the stock has the potential to move to 1.50 very quickly. Then a 2$ price target might be in the cards.
Here’s the chart showing the recent all time high retest. Overall this is a strong and very bullish looking stock:
If a stock acts as expected – stick to it.
Have a great evening!