Excellent analysis from a post at Stockhouse. Although I am not into technical analysis I have followed the markets for years and it is my feeling that BMS is on the verge of moving on up.
Looked at BMS -- has already moved up from the 20 cent level, so more risk - but, not looking too bad. Was sending lots of
bullish signs two weeks ago, but fairly
quiet this week. This is a pattern that is very tricky - at least I have found it so. The stock runs up - 20 to 38, then corrects to
29, then runs again to 38 and then
bounces back to 34. So, it is evident that there is resistance at 38, but bullish in that each correction has come a little higher then
the previous support - a good sign
for the bulls. Not clear cut, but I think the stock is in a ascending triangle formation, and is approaching the breakout point --
should swing up from 34 and break
through 38 and on to new highs - look for 55-60 if it breaks through the 38 level. The trading on Friday, was a doji candle,
which are very dependable reversal
signs. The previous day was a doji candle as well, so we have a double reversal sign from the candles - I think the stock is
turning in this range 34-35 and will now
run - I would rate it a buy at the present level of 34-35, looking for 50-60 - but, be prepared to bail if it does not turn out -
unlikely in my opinion, but a sell sign
would be a break downward through 30. Not a bad bet Antares - drop a note anytime for an update. Good luck. Sadie |
