BakerTech 060508

I think you have your confirmation for Baker Tech today ! Although BakerTech opened below the downtrend support (low red), it wasn't long before it starting making its move upwards.



At the closing bell, Baker Tech has already broken the uptrend resistance (mid green), as well as the downtrend resistance (upp red).

More importantly, BakerTech finally managed to break the 0.315 resistance (pink --). It closed right on the 0.325 neckline (red --), which was the level it went downhill on 26 feb.

Judging from the volume distribution bars on the left, the next significant resistance for BakerTech looks to be around 0.340 - 0.345, which is the peak during the 18 - 20 feb period.

For Baker Tech to have any chance of testing the 0.340 - 0.345 level, it would have to continue to trade within the uptrend channel (green), and stay above the 0.315 neckline (pink --) at least.

Otherwise, we might see BakerTech consolidating around the 0.305 level.

For tomorrow :

Support @ 0.320, 0.315 (pink --), 0.310 (mid green), 0.305 (upp red), 0.295 (low red)
Resistance @ 0.325 (pink --), 0.327 (upp green), 0.340, 0.345

Good Luck !!