Pure TA viewpoint here... The weekly chart (left) shows a 23-month potential complex H&S bottom formation with the neckline at 5.50. Price is currently retesting a larger resistance (green) zone (based on a number of years of price action not shown on the above chart) of between circa 5.33 & 5.62. The daily chart (right) shows a potential H&S Continuation pattern with a down slanting neckline. The target of the continuation pattern (yet to have a confirmed breakout) is circa 5.76. That would imply a breakout for the weekly H&S bottom as well, bringing with it a much higher target. A break below 5.00 would indicate weakness and a return to lower prices. I will take the above-mentioned trade if the volume supports it with a stop below the green zone.
All IMHO Good luck
BGA Price at posting:
$5.37 Sentiment: Hold Disclosure: Not Held
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