Trading Bottom Reversals - BPHX is Nearing a Bottom
Two Consecutive Gaps Down developed in the most recent decreasing trend, which began during the 18th of the current month, suggesting that the majority of bearish pressure has dissipated.
Further, the Stochastic is very near complete stabilization while the %B is prepared to pass the 0 Critical level, which would suggest Bulls are very near to regaining control.
We'll provide the most probable conditions below.
If the price closes at $5.25 or above, then one may expect a reversal to occur tomorrow, from our perspective. The reversal would be confirmed by a possible Gap-Up and/or early morning Bullish volume.
However, if the price close below the $5.20 level, then a slightly further decrease may be expected to occur. A possible Gap Down tomorrow during such a situation would imply a further decrease, hence one should avoid a purchase and wait until near the end of the session.
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The general equity market has been bearish and that is the reason BPHX price has fallen in recent days.When the downward pressure on the general market changes so will BPHX's price. The company is still looking for earnings of a doolar a share this year and 10-20% more next year. How long do you think the stock will be the four/five dollar range? throw your charts in the wastebasket and look at what's really happening.