If you believe that the analysis of this chart looks positive then I suggest we have reached a new dimension in positive thinking. I do not know what will happen to BCMD - neither does anyone else by the sounds of what I read. It is largely a bunch of positive thinking back and forth between the same people. The chart - it is weak, the stock is being distributed by almost every study I put on it. But why argue here - if you think it is being accumulated keep on buying - meanwhile can anyone actually argue which direction the stock has been heading - or do you have the chart inverted. I stick to my ongoing theme which is now twofold.
1. Other gold stocks have been moving up. You could have easily traded into any number of choices and doubled your money over the last short while. I did forward specifics to people who Emailed me. BCMD has very stiff competition now, and it is growing. Why? People are starting to look at juniors again. Many have proven reserves, production studies completed etc. etc. So BCMD is now just one of many stories now in play. And it is not the strongest IMO.
2. If I buy, or trade in BCMD - it must show a change in pattern(by my indicators) Right now it is screaming distribution - and no base reached yet. It may be forming in .75 to .80 range. But a breakdown from here would be a a sharp one IMO. Still think 5/8 is likely base, but even then unless something substantial happens will continue to sag, especially in light of point one above.
You have to try and be objective here - this stock had a great run -people who got in real cheap appear to be taking profits. Meanwhile the rest of the gold stocks are moving. The smartest people here appear to have taken their profits and moved on. But like I keep saying - no problem if you believe this one is on to something big- , then you can just sit and ride it out. However, my experience has been, that this sort of pattern does not indicate a big find. Time will tell.
Eric
P.S. If you want to see a chart that reached a low on sell off and now is in accumulation, pull up VRGN (not a gold stock)- this pattern is probably what many expect here (or wish for) - may happen - good luck.
Not recommending VRGN (yes I have bought - like that chart) but I followed this one down, down, down until it flashed the big turn signal. That is what I look for in BCMD - if it ever happens. |
