An expansion of one of my earlier posts. BFC currently pretty much tracking 77% fib. In light of imminent intersection of 22 sma, 8 ema and constraining descending trend channel line: Coupled with current oversold slow stochastic status and current accumulation I would anticipate that SP is due for an upward leg next week.
An optimistic assessment is that once free of descending channel and SP is above 8 ema I would anticipate this movement to be to 62% fib (.42c) which would roughly coincide with (my) projected intersection of SP with 50 & 100 sma, as well as price gap in chart.
Subsequent SP appreciation beyond this point would be (IMO) dependent upon an announcement or very positive sentiment within sector, which seems to be generally lacking at the moment.
Of course could all go south if accumulator not finished and buy in at a cheaper price if weaker hands sell. Would be nice to see a change in substantial holding notice. At least no shorting pressure on stock.
Please note that the above is an opinion only and my take on things, not trading advice. Take from it what you will.
GLTAH
Charlie
BFC Price at posting:
36.5¢ Sentiment: None Disclosure: Held
(20min delay)