We have gotten nowhere fast with Bion Environmental Technologies Inc. (BNET:OTCQB) stock, having bought it at the points shown on its latest 6-month chart below, as it has remained stuck in a clearly defined trading range, and in recent weeks have sat it out as it has drifted slowly lower back to support within the downtrend shown. However, today's action was bullish, with a prominent bull hammer forming right at the support that bust it out of the downtrend. This implies that at the least it should rally back up to the resistance of the top of the trading range again, and there are several factors which suggest that it could do considerably more than that.
First of all the earlier overbought condition has not just fully unwound, the stock is now somewhat oversold. Meanwhile the rising 200-day moving average has caught up more with the price which puts it in a better position to mount a significant rally and lastly the Accumulation line has remained buoyant as it barely dropped on the recent reaction, which suggests resilience.
We therefore stay long for a rally at least to the top of the trading range and it is rated a buy here for that. If it gets there we will review its technical condition and if it looks like it is going to stall out we will probably dump it for a minor profit but if it continues to look good we'll stick with it.
Bion Environmental Tech website.
Bion Environmental Tech, BNET on OTC, closed at $1.52 on 8th June 2021.
Originally posted on CliveMaund.com at 6.50 pm EDT on 8th June 2021.
Clive Maund has been president of www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years' experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.
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Charts provided by the author.
The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.