First of all. Thank-You for posting a chart in the chart thread. It's a pleasant change from the recent hyperbole.
My reading of your chart is that the price is sitting on the knife edge of a major break down. But it hasn't broken yet. My chart has the bottom trend line broken but this hasn't triggered a sell down yet so could be a false break with a break back in still in play. IMO, the longer the price hovers around the current level, the less likely a break down will occur. Normally when a strong trend like the channel that has been present since Christmas breaks strongly with high volume and a large move. Until then the current trend channel is still relevant.
The last high was a higher high (although by a measly 2c) and the current price is still a higher low. I also notice that volume has been declining during the down trend. Since the recent downtrend started, only 2 days had higher than average volume.
In summary, it currently looks like sellers aren't interested in selling much at these prices but buyers aren't stepping in to push the price higher. The narrow price range these last 3 days shows me this. The price is on a knife edge and we will have to wait and see if the sellers or buyers move first.
Cheers
BAL Price at posting:
$9.72 Sentiment: Hold Disclosure: Held
