One pattern BBEP holders should be watching...
Pull up a ten year chart of BBEP and you will notice a 2008 decline similar to the current one. That decline occurred for entirely different reasons of course but it could be an excellent indicator of how the company's equity responds in a 'crisis' situation. From a high of $22 in spring 2008 it declined precipitously to $6.40 over the next 5 or 6 months. This 70% drop culminated in a classic 'W' bottom and slowly progressed back to a remarkably stable six year range between $18 and $22. While one could argue using a 30 day chart that we have already seen the 'W' form with the primary on 1-14 and the secondary higher leg on the 22nd, I think not and would be surprised not to see a fallback on this meteoric rise. While I would hope that we can break resistance at $7 before Friday's inevitable profit taking and form a new base at $6.20 or thereabouts, there are no guarantees. But a pullback to secondary support levels with a subsequent resumption in a steady climb towards $9.00 would be welcome and on confirmation, allow one to add confidently to current positions once the day traders have moved on to greener pastures. Just a thought....
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