$BSPM - 02/07/18 - Chart Analysis + News

Wedge formed on the daily chart

161.8% fib = $6.51

I'm waiting for the 61.8% fib or when the price touches the support line of that wedge

NEWS:
XIANYANG, China , Feb. 7, 2018 /PRNewswire/ -- Biostar Pharmaceuticals, Inc. (NASDAQ: BSPM) ("Biostar" or "the Company"), a PRC-based manufacturer and marketer of pharmaceutical and health supplement products in China for a variety of diseases and conditions, today announced that its variable interest entity in China , Shaanxi Aoxing Pharmaceutical Co., Ltd. ("Aoxing"), has renewed its Good Manufacturing Practices (GMP) certificate and Pharmaceutical Production License. The Company received the renewed GMP certificate evidencing compliance on January 31, 2018 .

Mr. Wang Ronghua, the Chairman of Biostar, stated:

"The Company is pleased to have completed the GMP certification inspection and approval process. We expect that the GMP certification renewal will allow us to resume our production in the coming months as the Company makes preparations to carry on with the implementation of its business plan and growth objectives."

[I do NOT own a position, yet. Just hit my scanner and decided to share.]