BAA's Institutional holdings matter more to longs but BAA's upside right now as you noted isn't limited to longs. Your target is almost right in the middle of two targets a friend of mine saw after studying the BAA chart.
Keep in mind he was looking at BAA on the AMEX and not the TSE.
His first target was .54-.56 because there is no thick candle body from March 24th when BAA opened gaping down, he also liked it because it is in the area of the MA(50).
His second target was .60 to .63 because he believes the MA(200) will intersect there as BAA heads to that second target. Also, once again that area is void of a thick candle body from BAA's recent decent.
He also gave some words of warning saying it is important BAA doesn't fall below the current PPS. If bid support should fail to hold here then based solely on the chart BAA will be in the danger zone.
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