Sunday, June 7, 2015

Remember Biosyent?

Biosyent was a stock I used to trade with a great deal of success as it moved sideways for quite some time, moving up and down from $10 and $11.

It has broken down.

It made a steady climb from under a buck to over $12. Anyone who got in early obviously did quite well. Just take a look at this chart.

I really liked trading this stock. I knew very little about the company, their products, management etc. It was just easy to trade, although volume wasn't very high.

This is a chart from last year that shows a nice sideways channel that was quite predicable.

This is what it looks like now

You can see that once it broke that $10 support level it fell pretty quickly, The more noticable dips accompanied by bigger than average volume.

It way settle somewhere again, but it looks like the game is over for now.

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