One month on from the September analysis below, BUB's price has continued to erode and unless the slight uptick this week continues I can see a potential for price to fall to about $0.65 being the dashed blue support line on the chart. Price needs to break the downtrend and confirm a new uptrend to be a buy.

9 September 2020

I bought in to BUB at the time of my previous analysis below (23 June). Price has not moved as I had hoped based on the then rising price plus a possible Wykoff pattern and my trade is nearing its stop loss. A new downtrend line can now be drawn through 3 peaks of the recent decline.

It is possible the red dashed resistance at $0.80 may hold, but the potential exists for price to drift back down to the lower boundary of the shaded channel. I need to see a break above that new downtrend line to signal that there is life left in this trade. With big falls in the US market last night and expulsion of Australian journalists from China, today could be challenging for BUB.

BUB 9Sept2020

23 June 2020

Price fell back to exactly test the lower boundary of what I think is a Wyckoff pattern (bounded by rectangle on chart). I was hoping a time line falling due 21 June might be a date a move in price could be expected - but it hasn't happened yet. I've bought in and will watch with interest to see if Wyckoff predictions of generally higher highs and higher lows for a time going forward prove to be correct (although Chinese breast-beating over Austrailan product is of some concern).
In Wyckoff Theory now is considered an appropriate time to buy in - however, this assumes the pattern is correctly interpreted and (like all things in trading) nothing is guaranteed - ie do your own research!

BUB 23 Jun 2020


Robert Norman

Phone: 0428 346 951

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