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$12.88 bellamy's australia limited

2. Sounds more plausible considering all of the metagating...

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Pecc

639 Posts.

124

04/12/18

17:58

Post #: 36748369
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Originally posted by bensh10: ↑

My impression of today's price action:

BAL is/was in the process of forming an uptrend channel (Channel Range for Today: $7.83 -- $8.57).

However, there was selling/shorting pressure both on ASX and BAL.

(1) ASX: There was an anticipation that US is going to run wild on china news (like 500-600 points). But it only did 287 points. I understand it's crazy to be disappointed about that. But it had a negative psychological impact.

(2) BAL was up 12% the day before. So it attracted profit taking and shorting.

The lower bound of that no-longer-valid channel for tomorrow is $8.16.
Unfortunately BAL failed to close above $8.16. This may cause SP weakness/confusion in the next couple of days.

IMO a short-term SP consolidation may occur here, although it also depends on what ASX and A2M will do.

Worst scenario is perhaps a consolidation to around $7.60 (or even to the small gap just below).
Better scenario is a bit of sideway price action before traders find a new pattern, or ASX finds another piece of happy news.

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2. Sounds more plausible considering all of the metagating factors.. Sideways for know would be positive imo as this would give it another platform from which to launch from.. We will see...

BAL Price at posting: $8.06 Sentiment: Buy Disclosure: Held
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0 Great analysis

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