RE:Possible bottom on BNP in the $2.30 rangeWell buddy. Nice call and summary. But be nice to buddy shipwreckedfool, he's a good retail like the rest of us. Not sure he's a monster but that's ok, he's under "protection" because he's a mate on a different play. LOL Don't get me to report you to Roz! LOL
We miss you over at BTE. Don't be scared, the monsters over there aren't bad. They scared off buddy Bago but that's ok, he's a shape shifting monster that's not always kind or forgiving. And he's not even a chick! Go figure! LOL I'm sure we're go pike fishing again one day! LOL
Back to BNP!
Good news for longs here! Not sure about NG myself. I try to stay away from that commodity. It's too gasy for me and too explosive! LOL Seems to be inverse to WTI crude which makes NG centric plays tricky but this is winter and I see crazy weed plays like ACB planning to burn a LOT of NG in massive greenhouses in the north pole (or close to!) LOL
But BNP has hit one of my radars to go long on! It's on the homepage of Canadabulls as a bottom fishing. https://www.canadabulls.com/Default.aspx?lang=en
Hope to see you back on the BTE board. All the monsters are waiting for your return! LOL
MonstersInc wrote:
First, I don't want to argue with anyone who dismiss Technicals. Trade the way you wish, I'm not here to make converts.
I do have a right to my opinion and here is what I see:
1. We might looking at a bottom on BNP. On further analysis of insider selling which is a fundamental red flag, I see the sale was a tiny portion of the Chairman's holdings.
2. We are into full tax selling season. Luckyeleven mentions for every seller there is a buyer until there are more sellers as we have seen which craters the price. As we have seen.
3. The selling might not be over but a key technical to look at is the RSI on the day chart. Sub 30 shows oversold and might be the catalyst we need for a short term rally.
4. BNP is based on NG. NG is also oversold and could see a rally. If these two events happen, we have a nice short term rally at minimum.
5. Trading over the last four tradind days show heavy consolidation which also could form the basis of recovery from these low price points in the $2.30 range.
6. Yes, the triple triangle indicator was very bearish but almost too bearish to be credible. And it's only one indicator out of hundreds.
7. We have confirmed MACD cross over on the 2hour chart but still below midpoint line. The coming few days will be critical.
8. The fundamentals on this stock are very, very attractive. P/E of 5. The worst might be over and this could be a great entry point.