GREY:BIXZF - Post by User
Post by
hl7ton Jul 08, 2011 10:42am
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Post# 18810450
Chart update
Chart updateAfter a successful break above it's short term resistance level of $1.14 bxi gapped quickly to it's declining
50 day EMA of $1.38 where it is now encountering major resistance.This major supply level will cap any further
upward progress for awhile as it backs and fills between $1.16 and $1.38.
A major positive is that the share price is now above it's 200 weekly trend line ($1.17)
From a weekly chart perspective Bxi is still in it's major down trend.
Recent price action is a huge start to a new major uptrend,but Bxi share price will do a lot of backing and filling
for awhile until it can make any real attempt to break above $1.38.
If $1.38 is broken then $1.60 is the next major supply zone.
See,the pp guys aren't stupid.