BBL : Key resistance at 170 in sight this week.
March 26, 2011 Leave a comment
On March 9 we said of BBL, ” BBL’s yearly chart shows the stock at its very long term 61.8% Fibonacci retracement , with a breakout above 170 placing 191-195, then 215 to 220 as its next targets.”
Closing the week at 165.50, we suspect 170 will at least be tested this week, and reaffirm the breakout target given a fortnight ago.
The stock has initial support now at 161.50-162.00, and on a brief dip to this range those not already long may consider entry. Some may however prefer to wait for a volume supported breakout at the 170 mark, although we doubt it will occur on first attempt.