BBL : Key resistance at 170 in sight this week.

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.

 

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