BGT once again has returned into its 17c support channel, and is shaping up to breakout this week of the falling wedge pattern. Diminishing volumes and stifled seller pressure was met with an urgency in buying in the last few sessions which saw supply thinning and subsequent price increase.
R% was approaching the oversold territory for most of the pull back and now looks to be tracking towards neutral.
It's been approximately 2 months since the last bit of material news and with several MTA's still undergoing testing there could be an imminent update.
The selling and distribution that took hold following the last two announcements returned the share price back to pre milestone levels. It's pretty clear to me that there was an over reaction both buying/selling following the Mosquito Data announcement and perhaps some burnt hands whom bought tops proceeded to capitulate, selling in the following weeks.
Anecdotally I saw some irregular algorithmic motions in the depth with Asks stacking up and shifting when Bids moved up as supply thinned.
I also took note that the broker data appears to show Ord soaking without any selling over the last month, along with a few other brokers/instos whom appear to be soaking up much of the loose supply with Shaw being the primary seller.
All in all , I feel pretty confident in BGT for the long and am intending to hold if all goes to plan until commercialisation.
hotcopper.com.au/thr...chart.4602223/page-5
R% was approaching the oversold territory for most of the pull back and now looks to be tracking towards neutral.
It's been approximately 2 months since the last bit of material news and with several MTA's still undergoing testing there could be an imminent update.
The selling and distribution that took hold following the last two announcements returned the share price back to pre milestone levels. It's pretty clear to me that there was an over reaction both buying/selling following the Mosquito Data announcement and perhaps some burnt hands whom bought tops proceeded to capitulate, selling in the following weeks.
Anecdotally I saw some irregular algorithmic motions in the depth with Asks stacking up and shifting when Bids moved up as supply thinned.
I also took note that the broker data appears to show Ord soaking without any selling over the last month, along with a few other brokers/instos whom appear to be soaking up much of the loose supply with Shaw being the primary seller.
All in all , I feel pretty confident in BGT for the long and am intending to hold if all goes to plan until commercialisation.
hotcopper.com.au/thr...chart.4602223/page-5