Wednesday, September 4, 2013

******* Trading BUY: Biosensors. Share price 0.91 (Possible reversal back up)

Biosensors has traded below the 0.900 support turned resistance level for about a month already . Yesterday we have seen it test this 0.900 but failed to break above convincingly. Currently at 0.91. Might stage a potential rebound back up to 0.935 then 0.965 then 1.00. As long as 0.900 holds as new support, we are short term bullish only. From a longer term perspective, still looks bearish and can also head down further if 0.900 support does not hold. Note that it has also broken above the 20 DAY MA (Green line) yesterday which can signal short term upside.
Stop loss at 0.885 nevertheless.
Nomura – 7 August 2013

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