RIOT BLOCKCHAIN update...

originally published Tuesday, October 17, 2017

Printable Version

All Misc Articles

We “threw our hat in the ring” at the wrong time with this one, but managed to escape relatively unscathed before the post ex-dividend reaction of the past few days set in. However, this stock is still thought to be HOT in one of the hottest sectors there is – blockchain technology. When we look at the latest 3-month chart we can see that it has still “only” risen from an approx. $4.00 peak in mid-September to the current $7.55 which is nothing considering the business that this company is in. Thus it is interesting to observe how volume has dropped back in a satisfactory manner as the price has reacted back in recent days, with the long-tailed candles of recent days just above the support level shown increasing the chances that it is about to reverse to the upside again. These factors taken together suggest that a rare and very bullish “running Flag” may be forming bounded by the pink trendlines shown on the chart, which is a type of Flag that is upwardly skewed into the direction of the prevailing trend, implying that the trend is so strong that it won’t even react properly. If this really is the case then we can expect another powerful rally soon, and at the least it should make it back to the recent highs, which would result in a good percentage gain from here.


Conclusion: Riot Blockchain is rated a buy again here for another advance which could be really big. Due to the proximity of support, risk can be minimized by placing a stop at about $7.15 beneath the intraday lows of recent days. MINIMUM target is the recent highs at $10.00.

Riot Blockchain website

Riot Blockchain BIOP on NASDAQ CM, closed at $7.55 on 15th October 17.


Posted at 5.45 am EDT on 17th October 17.

The above represents the opinion and analysis of Mr Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. Mr. Maund is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stockmarket analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.