If you’ve waited for Blackmores share price to stabilise before buying in, it may be time to jump. On Friday, Blackmores broke through resistance, and could be in for a sharp rally.
There was no company specific news to prompt the move. China retail sales and industrial production data was released, but both disappointed, albeit modestly. When faced with a significant move without an obvious trigger, experienced brokers generally reach for “more buyers than sellers”.
So be it.
Whatever the reason, the price action is clear. The three-candle “morning star” formed two weeks ago initially pointed to upside potential. The breach of resistance on Friday suggests the moves may be accelerating. The targets are $187.50, $193.50, $204.80 and the all-time high at $220.90