As we may recall we missed the ballistic runup in Riot Blockchain, having earlier bought it, because we were stopped out, and when it took off didn’t chase it when it rocketed to touch $24 briefly. However, the severity of the ensuing reaction, which resulted in it dropping to half its value at its peak has made it attractive again, especially given that very strong support from those who sold during the October – November trading range kicks in not far below, as we can see on the 2 three month charts below. Big reasons for its resuming the upward path before much longer are that it is a Blockchain stock, there are few of them for investors to choose from, and this one only has 7 million shares in issue, although it may back and fill for a little while above the support first, which would provide the chance to build positions on minor weakness.
This very heavy reaction back near to big support is the reason that we have started moving in in recent days, when it was subject of 2 Email buy alerts, the first being sent out at 9.49 am on Tuesday 28th when it was trading at about $13.67 and the second this morning at 10.27 am, when it was trading at about $12.82. Riot may be accumulated anywhere between $14 and the strong support shown on the 2 charts below, the 1st of which being for where we went for it this morning, and the 2nd being for the close, by which time it had rallied somewhat.
Riot Blockchain BIOP on NASDAQ CM, closed at $13.50 on 30th November 17.
Posted at 9.30 pm EST on 30th November 17.
Riot Blockchain website