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Wednesday, January 2, 2008

BC: probable Pennant

BC almost doubled its price from low of 11.75 4-weeks ago to high of 21.50 last December 28, 2007.

It seems a pennant is formed and there was a breakout. If the price and momentum accelerates, then the target price is 25.00.



BC Chart as of December 28, 2007


Update on this one, I have a position @ 20.00 since last month. Today, the issue traded on a very low volume. But, this is usually the volume behavior of a probable Flag/Pennant Patterns.



BC Chart as of January 2, 2008

The issue open @ 20.75 and has been fluctuating from 20.75-21 it was only towards closing time that the issue began to penetrate the previous resistance @ 21.50. If the resistance of 21.50 will be surpass tomorrow, then there's a possibility that this stock will reach an all time high soon.

However, today chart shows a tweezer top which is a bearish candlestick pattern (reversal pattern).

1 comments:

yeahbah! said...

biyutipul!