*Extract from client research note 01-June-2020 .
As mentioned on Tuesday, I was expecting BVT to appreciate, but before that, pause to consolidate, however, did not pause and has continued to run. Sometimes it does, or doesn’t go or up or down in a straight line – we never actually know how the price action is going to play out (Prior expected scenario on chart). As at Friday’s close, we saw the price print a bearish engulfing candle which may suggest that a short term pause is now due. From a support level I am looking at 14549c (8 21 EMA cross) as a first ‘level of interest’, followed by 14335c with the short term view. Price is also above rising 8 and 21 EMA. Current 50-EMA is resistance.
As mentioned on Tuesday, I was expecting BVT to appreciate, but before that, pause to consolidate, however, did not pause and has continued to run. Sometimes it does, or doesn’t go or up or down in a straight line – we never actually know how the price action is going to play out (Prior expected scenario on chart). As at Friday’s close, we saw the price print a bearish engulfing candle which may suggest that a short term pause is now due. From a support level I am looking at 14549c (8 21 EMA cross) as a first ‘level of interest’, followed by 14335c with the short term view. Price is also above rising 8 and 21 EMA. Current 50-EMA is resistance.