Long time reader, first time poster on BGS. I am a recent holder only (mid-December), but have traded this a bit since then, over the Xmas break and given the recent volatility with news and oversupply (covered off ad neuseum on this thread and all other Li threads)
My take on the chart is basically a non-exciting, holding pattern based on the following analysis. Bear in mind, I have used charts for a short time to time my entries, but still a beginner.
Price: trading within the 65-84c range over the last month. A break above 83.5 would be bullish if supported with momentum and volume indicators. 100 day MA is trending up and price trending above this line is positive.
RSI/MACD/Slow Stoch: Nothing telling there. All are trading either mid range with no clear trend. MACD still trending down, but above the zero line. RSI and Slow Stoch are hovering around 50.
ADM: Momentum is slowing (white line trending down), with neither bulls nor bears dominating.
Pattern: My only concern is the potential descending triangle being formed (seen as mostly bearish and in rare instances, bullish in a reversal scenario). This will be confirmed if we see the price fall strongly below the 65 support line
Would see anothe rgood entry point above 84 with increasing momentum. Exit/trailing Stop loss set at 65c.
I won't get involved in the BGS vs AVZ debate...since I hold both.
Happy to hear others thoughts and feedback.
AIMO and DYOR.
BGS Price at posting:
71.0¢ Sentiment: Buy Disclosure: Held
