G'day Jayza, I know nothing about this stock, but I notice it has gapped up and shows much increased volume levels....so maybe it is a RTO stock, or has made a very encouraging announcement or something......
Anyway, BMT has gapped up and over a series of potential resistance levels, probably to trigger a greed response, which is an attempt to encourage any holders who may have been inclined to sell into any decent rise in price, to instead continue holding their positions with the promise of higher prices.
Since gapping up price is no longer attempting to push any higher, as it has drawn out considerable supply (which was to be expected), and is currently making a decent attempt to absorb this supply, and consolidate the rise in price. If this supply (or selling pressure) becomes quite low, a resumption of the mark up in price may start again. However, should this supply become overwhelming, ongoing, and/or excessively expensive (to absorb at this level) then price may come back somewhat in an attempt to shakeout this supply.
At this point the price action and volume looks fairly promising, as the two arrowed bars show much reduced volume on the second bar, and much lower volumes overall. Watch to see how much supply is drawn out whenever price pushes above 30cps, if it is excessive price may eventually pull back and shakeout, but if it remains light (lower volume than the second arrowed bar), then a resumption of the mark up may take place.
