RIOT BLOCKCHAIN update...

originally published Thursday, November 30, 2017

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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 website

Riot Blockchain BIOP on NASDAQ CM, closed at $13.50 on 30th November 17.


Posted at 9.30 pm EST on 30th November 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.