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!!
BAL Price at posting:
$10.44 Sentiment: Buy Disclosure: Held
HotCopper & The Market Online will be live From the Floor at the Mining News Select Conference and we want to bring the voice of our online audience to the show with us.