Planet Wealth - Australian Stock Market Education » BSL – Down Movement http://planetwealthblog.com.au We are a stockmarket investment company that educates people on the strategies we use to create both income and capital growth. Sun, 05 Sep 2010 09:57:02 +0000 en hourly 1 http://wordpress.org/?v=3.0 BSL – Down Movement http://planetwealthblog.com.au/bsl-down-movement/ http://planetwealthblog.com.au/bsl-down-movement/#comments Wed, 29 Apr 2009 01:04:18 +0000 Planet Wealth http://planetwealthblog.com.au/?p=566
BSL Down Movement

 

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, created a Head and Shoulder pattern.

The short 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 good volume with supports a strong down move.

The next line of support is at $2.20. 

280409 bsl BSL Down Movement

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