BGS Chart !, page-2005

The 'opinion' below could simply be a case of presenting a TA viewpoint just to justify your own action(in this case a BUY!).

I am, like most here, very surprised at what has unfolded in BGS's chart(especially since the mid 50's) and really did think the mid 30's was going to provide support ... That's where BGS was when I last 'reported' ...  WELL, I like most TA'ers were wrong(but we don't stand alone!).

So, that was then and now is now ... Since BGS's SP fall thru the 50 level again(after testing the 56.5H)the 'nature' of move down(falling knife) was always going to be difficult to catch the bottom. That 'nature' continued, after the failure of the initially expected support in the mid 30's, SO once gone my next probable bottom target was always going to be near the 22c level.

The following charts explain why(to justify my TA BUY today, right!)....

The 1st is a Weekly ... This week's action has seen the SP move into a Long_Term support band(dotted maroon horizonal lines) ...i.e. 26.5c to 21c.  Within that Zone we had 2 x 78.6% Fibs retraces(78.6%, for those who don't know, is the Sq. RT of 61.8%); one from the 4.3cL to the 84cH, the other is of the 84H to 40.5cL 1st leg down range but taken from the 56.5(swing)H. They came in at 21.5c and 22.3c respectively ... I.E. at/near Today's low, right! As one would expect after such a strong Impulse move down(from the 56.5H) all Oscillators are in oversold territory ... my two shown are showing signs of _ve Divergence as well.

Now looking a bit closer ... A 2_Hourly Chart ... Again some strong FIB measured moves falling within the same Zone(21.5c to 22.5c). There are 2 x 323.6% Fibs extensions of prior ranges[red(on close basis) and grey(H to L)] plus a 61.8% and 78.6% Fibs of prominant ranges(Cyan and Pink). Oscillators shown are all at potential support in extremely oversold levels.