Hi to all,For what it's worth, this is my reading of BLY's...

Hi to all,

For what it's worth, this is my reading of BLY's immediate future. Following two substantial rises (marked on the accompanying chart as Rise 1 and Rise 2, BLY's share price has remained within a consolidation phase since late August. Price has now worked its way beyond the immediate influence of the downwards sloping red pitchfork and the rising green pitchfork now clearly provides the current description of price movement. Notice how the price from 2 November has tested and retested the lower median line (support) of the green pitchfork and the sliding parallel immediately below it, but continued in that upwards direction.

The price should now try to work its way to the median line of the green pitchfork, which is normal behaviour seen in pitchfork analysis, but given the pressure that has built up during the period of consolidation and accumulation previously mentioned, there is a possibility that any move may be strong and fast and replicate the speed angles seen previously in both Rise 1 and Rise 2. If this possibility eventuates, then we could reasonably expect to see a share price around 55 cents in the first half of January.

I am aware that the stochastic has not yet turned up (although after last night's close it looked like the start of a direction change) and it's immediate message is still not positive. If the share price closes today at or above 33 cents, that will be consistent with the above assessment. If it closes at less than 33 cents today or tomorrow, it will have breached current support and I will re-evaluate.

Any comments or contrasting assessments welcomed. Many heads are better than one, particularly when that head is mine!

Regards,
Bones