Over a period of one month, BVT has performed well for clients who participated, appreciating from 17338c to today's high of 20133 (+16%) - see related.
The current data suggests the share becoming extended to the upside, with the following being noted:
- Price at channel resistance. - Daily candle thus far failing to holding the highs, developing a reversal candle. - Negative divergence as per the RSI. - A pending MACD crossover
In addition, the price trades near the upper boundary of the linear regression channel.
After trading sharply higher since 13 May, the price appears to have little room for extensive upside, and based on the aforementioned technical factors, I am considering a short/sell with the following levels:
Sell/Short at the current levels of 19764c (or higher, up to 19970c) Stop-loss: 20450c Target Range: 18900c, down to 18700c
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