For a change what i actually said happened. The 200% fib line was marginally breached. However not many shares were traded below this level.
RSI is yet to turn upwards. Smoothed stochastic looks like its about to cross at. A/D obviously v. strong rise on the back of the after market trades.
Resistance 89c, 10cents..and the 61.8% fib level of 12cents as the major resistance
Below is ysdays post..
........
hey guys thought I would venture a guess.
Using the latest high of 21cents and the low of 14cents, the 200% fib line lies at 7cents.
The slow stochastic hasn't turned up on the daily, and neither has the RSI although both are in the oversold territory.
The Accumulation/ Distribution indicator I think support the view a major seller is closing its position. But the ferocity of the selling, the slop of the decline in the A/D indicator seems unprecedented in BLY. The only thing i can see similar is from 2nd Dec. 2008 to Dec 5th. The price during this period declined from 25c-19c. It should be noted this was on significantly less volume than the current decline. Although following this over the next 6days it closed back at 25c.
Anyway- i'd say its bit early to call decisively a bottom. Today's volume was still the highest volume since dec 4th 2008 (that's the date mentioned above in the last A/D sharp fall). I'd say the next stop is 7cents, and we'll take it from there. Sorry I couldn't attach a graph
BLY Price at posting:
6.1¢ Sentiment: None Disclosure: Not Held
