The last couple of days have seen the buyers starting to flex their muscles with BLY. However, lets not forget that spp ending or not we will still see normal market action taking place and I believe that is what we have seen today and yesterday. Technical indicators aside let's just look at the price/volume action over the past two days. Buyers have started to come in and put upward pressure on the price. Yesterday was the first day in over a month where the buyers totally won the day and the sp closed at its high for the day. That put some much needed optimism back into the share and we saw it open today right on a very strong resistance level of .32c. Buyer pressure was able to keep the upward movement after the gap was closed early in the trading day and the price stayed around .33c for the rest of the day until the spectre of the the resistance level of .32 became too much and the momentum stalled and eventually we saw a close at .32c. My interpretation of this is that the .32 resistance level was always going to cause a stall. We have seen it time and time again where a share will break resistance early in a trading day only to stall and fall back later on. I don't take this as a bad sign because we have supporting high volume associated with the push. If the last couple of days action were on low volume I would be worried. As it is I think we will see a clean break of the resistance level in the next few trading days and if you thought todays volume was high just wait until it gets going. I wouldn't be surprised to see several days in excess of 200mil traded. Anyway I don't think todays close was terrible, or even close to terrible. Just my thoughts. Be PATIENT.
Good luck and good buying.
BLY Price at posting:
$3.20 Sentiment: None Disclosure: Held
