I am long and holding at a little above the current, which goes to show that you should not pick bottoms.
Indeed I picked the bottom on my second try with the volume confirmation on your chart showing capitulation. Unfortunately I was already set.
I think it will be bullish but we are not quite confirmed yet.
The result at month end will be good and we may see a divy increase to match managements bullish tone of a few weeks back.
Knowing that the first half is a lock, the shorts need to cover for the result next week which should continue momentum depending on the outlook.
The risk in my view is that the market that took us to where we are is nearly overbought. The question is whether BLY can rally against a pause or correction?
It did when it was oversold, but that is no longer the case.
One day I will pick a bottom correctly first try and make a great trade!!
BLY Price at posting:
$2.56 Sentiment: Hold Disclosure: Held
