BMSN. I know on the surface that Bio Matrix Sci
Post# of 5066
Posted On: 08/27/2013 8:50:20 PM
BMSN. I know on the surface that Bio Matrix Scientific Group Inc. (OTCMKTS:BMSN) hasn't been particularly impressive of late. The current price of $0.0033 is where BMSN was trading in mid-July, in late-June, in early-May, and even in mid-April. Point being, shares aren't making any net progress. Still, the longer I look at the chart, the more convinced I become that Bio Matrix Scientific Group is brewing up a breakout.
It's all in the shape of the chart. The biggest clue is the rising support line that's been fueling the rally since last December. It's been touched at least six times since then, and held BMSN shares up all six times. It's not just that rising support line, however, that's so compelling on this zoomed-out chart of Bio Matrix Scientific Group Inc. It's also that - despite the fact that shares are currently trading below it - the 200-day moving average line (green) as well as all of the other moving average lines are sloped upward. It's a sign that the overall trend is still technically bullish in multiple timeframes, even if it doesn't appear that way with just a quick glance. Take a look.
You can get a better look at some other details with a zoomed-in view of BMSN. Namely, you can see how well that rising support line (red) has done its job of keeping the bigger rally effort alive, and more recently, you can see how Bio Matrix Scientific Group shares have walked back above the 20-day, 50-day, and 100-day moving average lines.
The key here is getting above the 200-day moving average line (green) at $0.0037. It's pointed upward, and so is the stock's current trend, so moving above it shouldn't be a tough feat for Bio Matrix Scientific Group Inc. to pull off. It will be a catalytic event, however, so you can look for the pace to heat up when-and-if it happens.
Some onlookers will rightfully point out that volume has been pitiful for BMSN of late, and will need to expand significantly if shares are going to rally to any meaningful degree. I don't disagree. In this particular case, though, I think the lack of volume is working in favor of the potential breakout. With most traders still on the sidelines, once we do start to get some strong technical movement, all that pent-up trading interest in Bio Matrix Scientific Group should be unleashed in a hurry, catapulting the stock. Again though, the trick is getting above the moving (rising) target of the 200-day moving average line, currently at $0.0037.
If you'd like to get more trading ideas and insights like this, be sure to sign up for the free SmallCap Network newsletter today. You'll get stock picks, market calls, and more!
It's all in the shape of the chart. The biggest clue is the rising support line that's been fueling the rally since last December. It's been touched at least six times since then, and held BMSN shares up all six times. It's not just that rising support line, however, that's so compelling on this zoomed-out chart of Bio Matrix Scientific Group Inc. It's also that - despite the fact that shares are currently trading below it - the 200-day moving average line (green) as well as all of the other moving average lines are sloped upward. It's a sign that the overall trend is still technically bullish in multiple timeframes, even if it doesn't appear that way with just a quick glance. Take a look.
You can get a better look at some other details with a zoomed-in view of BMSN. Namely, you can see how well that rising support line (red) has done its job of keeping the bigger rally effort alive, and more recently, you can see how Bio Matrix Scientific Group shares have walked back above the 20-day, 50-day, and 100-day moving average lines.
The key here is getting above the 200-day moving average line (green) at $0.0037. It's pointed upward, and so is the stock's current trend, so moving above it shouldn't be a tough feat for Bio Matrix Scientific Group Inc. to pull off. It will be a catalytic event, however, so you can look for the pace to heat up when-and-if it happens.
Some onlookers will rightfully point out that volume has been pitiful for BMSN of late, and will need to expand significantly if shares are going to rally to any meaningful degree. I don't disagree. In this particular case, though, I think the lack of volume is working in favor of the potential breakout. With most traders still on the sidelines, once we do start to get some strong technical movement, all that pent-up trading interest in Bio Matrix Scientific Group should be unleashed in a hurry, catapulting the stock. Again though, the trick is getting above the moving (rising) target of the 200-day moving average line, currently at $0.0037.
If you'd like to get more trading ideas and insights like this, be sure to sign up for the free SmallCap Network newsletter today. You'll get stock picks, market calls, and more!
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