Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Saturday, December 8, 2007

BakerTech 071207

Let's start with BakerTech.


Wednesday, 5 Dec saw a volume of 18,883 lots. I believe many people are stuck @ 0.375 and above. The next 2 days saw volumes of only 6,919 and 5,497, which is not even 50% of Wed's. So I believe there should still be more selling.


Let's take a look at the trend.


Photo Sharing and Video Hosting at Photobucket
BakerTech failed to break (or even touch) the resistance of 0.398 - 0.400 on 5 Dec. As such, it is now trading below 3 trendlines - a (uptrend support from 23 nov), b (uptrend resistance from 28 nov), and c (long term uptrend support from 17 aug).


You can see that from 5 dec, the closing is lower each day. I've drawn 2 trendlines e and f, that shows the support and resistance for the next few days.


Mon (0.34345 and 0.36895)
Tue (0.33308 and 0.35734)


Thursday would be critical (provided that BakerTech follows the trendlines e and f) as it would be hitting the support of 0.315.


You may want to watch out for 12 dec as trendline e would be meeting downtrend resistance line d @ about 0.320.


Any break up from trendline e may signal a trend reversal, provided there's volume. And it may hit trendline g.


Good Luck !!

No comments: