Settlement of litigation with Visa International Ltd. announced on Wednesday didn't have much positive effect on the Balaton Power Inc. (OTCBB: BPWRF) share price action, however a sudden correction over the past couple of days wasn't welcomed by traders.
Share price has regained 50% of its value amid Thursday's trading and demonstrating the price is likely to keep rising. Friday's opening added another 8%. As rarely as it happens with these illiquid stocks, the price is actually moving on a slight uptrend which can be seen through the use of moving averages.
There are several key positions on the chart. A clear support at $0.08 hasn't been broken for over a month and now the price is even trying to get some support at $0.10 - confirming the follow-up of the uptrend.
The $0.12 resistance line is another issue. Currently, the price already hangs above it, so the point might as well become a support in the near future.The volume has been building up, but it is unclear where bulls or bears have more power at the moment. Despite recent rally, the price will likely attempt to rise gradually over the coming month and it has done up till now.
If it manages to stay above $0.12, I would think the price will stick to $0.12-$0.16 channel. That is based on historical steps of going up over the past three months.
User comments