BHM- is the show over...for now at least?

ChartMan

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BHM ( thanks go to RIZZ) had a classic "cup and handle " breakout recently. I just wish I had jumped on when RIZZ said at 128... Study the chart carefully- it'a a classic.You can't jump in at the bottom, because it may just be a pullback to a further tanking. You have to wait until the volume rises AND the price closes above the resistance line at 131. You COULD have gambled on the close at 126, aspecially as it was on big volume, and got in the following morning, somewhere between 122 ( brave but foolish) or as intraday went through 127/8.
There is also a hint of a classic Island reversal. We have both the Expansion gap, and the exhaustion gap,(147/163) but the top island is indistinct, but clearly a reversal.Notice the big drop off in volume at the top resistance (182) as no more buyers want to buy.Time to jump ship till it completes a pullback to around 143?
Next resistances up will be 220,265 and 360.
Footnote : My suggested pullback to 143 was calculated BEFORE I drew in the Fib. retracements.This avoids me picking magic numbers just because they happen to be on a particular line.Then, if there is some correlation, more credence can be given to a particular value.
 

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Nice chart Martin. That's pretty much the way I see it as well. Plus when you draw in the new uptrend, an intercept at 143 should happen in about 6 to 8 days. A supporting trendline and a coinciding 32.8 % fib retracement, plus support below at the old high from 17.10.01 at 134 - then away again - market conditions being favourable of course.

How do you paste just the AIQ chart window on its own without all the surrounding garbage?

Regards,
 
Get the AIQ chart up...press "ALT and Print Screen"- this copies the screen to the clipboard. Go into Paint Shop Pro and do "edit paste"- then select "crop image tool" and draw a box around what you want to keep.Then do "image- crop to selection. Finally do save as giff.
 
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