October 14, 2008
BXB downtrend channel
By Planet Wealth
For some time now BXB has been in a down trend channel, as seen in the daily chart below.
(click on image to enlarge)
BXB
Since June this year, the stock has formed an Inverted Head and Shoulders (IN H&S), which is a bullish sign. Confirmation of the IN H&S will be a break of the neckline – which would also be a break out of the down channel. The potential target for the IN H&S would be around the $10.20 level which also happens to be a weekly resistance line from 2005 and 2006.
Should the INH&S fail to break the neck line we could expect it to continue trading in the channel.
For more information please go to: http://www.planetwealthtradingroom.com
Topics: Technical Analysis | No Comments »
Comments
« Head and Shoulders | Home | What a week! »
