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BB&T Corporation Message Board

  • lookoutgrady lookoutgrady Nov 10, 2010 10:04 AM Flag

    Next target at 27.75

    Barrons just confirmed my previous post / theory about the double bottom (W-bottom)...

    http://online.barrons.com/article/SB50001424052970204870904575602623280987914.html?mod=BOL_hps_dc

    " For example, BBT (BBT), a North Carolina-based bank, rode the QE2 surge and broke out to the upside from a technical "double bottom" (see Chart 2). This "W" shaped pattern marks a low in a bear trend followed by a bounce and another attempt to probe even lower. That attempt, however, fails as buyers emerge to soak up all excess supply of shares that sellers can offer. The upside reversal is complete when prices move above the center of the "W" in the pattern as the bulls emerge victorious.

    While the completed pattern is a good start, it is not the green light for a long-term sustained move higher. But based on several technical factors, including the size of the pattern and overhead resistance provided by the 200-day moving average, it would not be a stretch for it to trade above 27 for an approximate gain of 8% from current levels. "

    Good luck to All

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    • I'm hoping for some run. I bought the Jan 2012 25 call and sold the same date 20 put. For a net of $1400 (and the risk of it going below 20) I can get the profit of 1000 shares
      above $25 anytime over the next 14 months. Much earlier this year I sold the Dec 2010 26 put so I need a little help.

 
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