Blackmores Breaks Out

If you’ve waited for Blackmores share price to stabilise before buying in, it may be time to jump.

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