April 29, 2009
BSL – Down Movement
By Planet Wealth
BSL is another stock that recently rallied with the strength of the market, but is now showing significant signs of continuing with the overall bearish trend.
As the rally tried to break through the 4 month down trend it lost strength and failed to make a higher peak or higher trough above the trend line. This failure, made a Head and Shoulder pattern.
The small term up trend line that was supporting the rally has been breached as the weekly resistance line and 4 month down trend crossed together and forced the stock down. Today produced excellent volume with supports a strong down go.
The next line of support is at $2.20.
Join our live trading room to improve your trading results: Click Here
Rent shares from the US market please visit our rent shares page.
Topics: bear market, candlesticks | No Comments »
Comments
« XAO Going Sideways? | Home | Dow Jones Showing Signs Of Weakness »
