Bentley Communications Corp. (fka BTLY)

[spiel2001]

Aristo -- re: BTLY chart...

http://www.marketbeasts.com/members/charts/viewchart.cgi?Action=view&Member=spiel2001&Symbol...

The first concern in the chart, recently, was whether or not it was forming a head and shoulders pattern -- a bearish signal. While I'm not "into" chart patterns too much, I tend to believe it is not a head and shoulders as the right shoulder is far too skewed from the left shoulder -- I could be wrong.

At the same time, there's a fair argument that it's forming a double, or possibly tripple depending on your point of view) bottom -- a bullish sign. If I had to pick between the three patterns, I think I would call it a triple bottom.

However, like I said, I'm not much into chart patterns... I'm more inclined to follow the technical indicators. So....

The first feature of note is the accumulation/distribution line which, in spite of the recent retrace has clearly remaind neutral to slight positive accumulation... decidedly not distribution in any case and, therefore, divergant. Keeping in mind that price generally follows accumulation/distrubtion and generally price corrects accordingly, there should be a positive price correction in the works.

Second, note William's %R and Stochaics both oversold while RSI though not exactly "strong" is moving up nicely. Also note the ROC which has hit a trough and turned -- if this wave matches the last, there's at least a week or strong positive price performance ahead. The CMF positive money flow confirms the positive investor bias indicated by these features.

The last feature to note is the bollinger. Price tends to trade band to band in the bollinger. Last Thursday the chart formed a Doji on the lower bollinger (support) and has since formed a white soldier and started an upward move. If that move follows through, price should move to the midline of the bollinger at a minimum (0.125) and most likely will continue its move to the opposite band placing it somewhere around 0.175)

All JMHO of course.