BAY : Key resistance at 24.50-24.60
March 29, 2011 Leave a comment
BAY looks as if it has the support to break above resistance at 24.50-24.60, and if this occurs on stronger buying across the sector, it will likely result in 25.40-25.50 being hit quite soon. Near term support at 24.10 should hold unless US markets take a major beating, and even then we doubt BAY will go below 23.70 just yet. As such a punt from 24.10 or so, or on a volume supported breakout move past the 24.50-24.60 resistance can be considered.