GentsI have a basket of mining services company, for the past...

Gents
I have a basket of mining services company, for the past few days I noticed that majority of them are now doing a U-turn. Yes, U-turn. As with any major change of trends, this generally occur when the market is at its worst and smart $$ start to flow in, have seen this in various market cycles before.

Have a look at ASL, EHL, IMD, MND, TSE, NWH, BKN....etc to name a few.

BLY is the last among the bunch yet to bounce back.

I've been staying on the sideline with BLY as it has been shorted very aggresively. But looking at past 5 years, this is close to 90% drop from high of $4.80 back around Apr 2011 to $0.43 few days ago.

Will wait for the buy sell ratio to change before entering and volume to pick up as confirmation.

95% of my trades are short, but BLY is now on my radar as long - main reason - low risk entry and change of sentiment. I haven't got a position yet but Looking for entry ~$0.48.

Once it punch through 15MA and 50MA ~$0.53, this will hit Short term target of $0.61.

cheers
pcyc