Who will Blinkx First?

Thursday, 15th May 2014 08:53 - by Osakisushi

I’ve no idea what has caused the pump and dump with BLNX and frankly, zero interest. The share was a popular feature with my company’s daily pre-market reports but when we repopulated our master list at the start of April, not a single client requested its inclusion.

The burning question obviously is, where’s the bottom?

To cut a long story short, if 57p now breaks, I’m leaning toward 48.65 providing the ultimate bounce point. My software doesn’t give any number below such a point which I’d dare take seriously as I’m looking at the ‘teens’ level. To get out of the current shambles, the share needs trade above BLUE - currently at 88p - so I’m going to take a hard look at current movements for any signal suggesting this is possible.

At time of writing (13.05.14 2.45pm), the share is trading at the 69p level and I’ll start to take an interest should it manage above 73p. Such a movement allows growth to an initial 87p, capable of at least harassing my BLUE line. Only in the event of closure, ideally, above BLUE will I tend to expect some flamboyant miracle recovery to 116p initially and sanity, hopefully along with safety.

In summary, I’ve a horrid suspicion the share will reach my 48p level and then bounce. The current potential of growth to 87p bothers me as, while it certainly smacks into BLUE, the co-incidence of such a target level meeting a trend tends to suggest ‘dead cat’ flavoured bounce potential in the near term.

Of course, I pointed out I’ve zilch idea why this price was reversed. It’s not beyond the bounds of possibility of some updated news report sharply reversing the current shambles. Anyone trading this, feel free to ask about it in Premium chat as I’m watching it closely.