Thomson Kernaghan vs. Loewen
Today's trading was certainly interesting. I bought in at $1.06 and $1.05. I'm hoping T.K. knows more than L. In the last two days Loewen has sold 170,000 shares (and bought none). I searched back to January of '98 and couldn't find where or when they acquired these shares. Does anyone know if they did a financing a long time ago? They played their selling smart though, they didn't come out bid whacking, they just put a roof at $1.05 and just kept refilling it when someone would buy what they offered.
I hope they run out of shares soon.
On the other hand, Thomson Kernaghan is net 100,000 shares this month at an average of $1.10. They were also net 200,000 shares in December at $0.78 and 500,000 shares in November at an average of $1.40.
So in the last three months they've purchased 800,000 shares at an average cost of $1.21. (That's nearly a million dollar investment in BVG.)
Technically, I like that over the past few weeks we've been making higher highs and higher lows. I believe this bodes well for the future.
Over the past 8 trading sessions we had a low of $0.78 on Jan 22, then it climbed to $1.15, then backed off to a low of $0.93, then climbed to $1.40, and has now backed off to $1.05.
The $0.78 to $1.15 move was a gain of 47%.
The $1.15 to $0.93 move was a drop of 19%.
The $0.93 to $1.40 move was a gain of 50%.
The $1.40 to $1.05 move was a drop of 25%.
I'm betting that the pattern repeats itself and we see a gain of approximately 50% over the next few days to take us to the $1.50-$1.55 level.
BVG seems to have a good base in the $1.00 range. It traded in this range for a month during the later half of November and the early part of December. If we can get a good uptrend going I see resistance points at $1.30, $1.50, $2.20 and $3.30. Above that is the $5.00 level (52 week high).
But what do I know...please do your own DD.
P.D.T. |
