BLVN – some gizzard-squeezing

BLVN (Bowleven) is sliding today, despite a cracking performance of the ASXX. Here’s a chart:

A few weeks ago I said there was a bullish pennant forming. That was useful for a short-term trade perhaps, but has proved wide of the mark so far for those that are not in-and-out merchants.

BLVN now seems to be firmly stuck in a sideways trend for the foreseeable future, although short-term the trend is down, with the support level being much lower than at current levels. The bull case is that BLVN has some very good discoveries, with estimated NAV at least twice as high as on current levels. On the bear side, commodities seem to be out-of-favour right now. Gold is taken a hammering, and oil is down about 10% YTD (very approximately). There appears to be something of a fiasco going on at GKP (Gulf Keystone Petroleum) at the moment, down 4.7% on the day. The CEO of GKP has cut his shareholding recently.

BTW, I’m really liking the graphing facility on my Interactive Brokers workstation.


About mcturra2000

Computer programmer living in Scotland.
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