My impression of the chart at present is that sellers and shorters have started to exhaust themselves under $10.50.
I see resistance and a solid base formed at $10.22-10.23 tested 4 times today. Volume has been dancing up and down all day suggesting the trend is not strong up or down.
I see a seller's ceiling at $10.50.
After retreating from $16.00 my sentiment is that buying now with an aim to average around $10.30 is a fairly safe bet. My advice to MYSELF would be to buy in three seperate tranches, perhaps at present level, then another tranche set at $10.30 and another at $10.25. It isn't a problem if the $10.25 never executes, I would still be winning!
BAL is volatile but again my sentiment is we have a reasonably good floor and time is definitely on the long's side for this stock IMO. My sentiment is that shorters are playing with fire under $11.00 have got it wrong and are handing good prices to longs. Hope I can come back to this statement in a few months time and do a victory lap!!
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Has BAL formed a base?
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