this was another good reading of the chart for BDPT. as noted, the pole run was in accordance with the previous runs. .0004-.0033, 0012-0042 and now the run from .0021-.00525, which brought this to the expected 100ma resistance on the weekly. though we pushed up today to .0057, but we closed below the 100ma dampening line. iow, we have not yet broken that resistance. but i think its just a matter of time.
the chart linked above shows the action. this is riding the 5ma support line. today that line rose to .0043-.0044. the candle, however, is a 'spinning top' and this is generally a sign of a pause in a run. other than those tracking momentum, all of the indicators have turned down. they were at the top, nearing over heated. i expect them to simply reset in time for the next upward push. in any case, as is generally the rule to a 'pennant' - its a continuation pattern off of the pole run -- there's usually a consolidating retracement on low volume. i, therefore, suspect this is going to test the rising 10ma, currently at .0034, and for whatever my opinion is worth, that looks like a reasonable target 'area' for an entry or add-on.
and why's that? i mean after all, its already at a year high and has run several multiples since the bottom was put in. but...ah, the inevitable but....
once that dampening line is put in the rear view mirror, the weekly is wide open to well over .03. it won't happen over night, but the chart sez' its coming. of course, many things can happen in between. nothing is etched in stone. a chart is just a map of the past, a historical artifact used to see what the future may bring. but... when a chart comes together to tell a story, it can be a beautiful thing.
so now the question is: is this Rembrandt's "The Storm on the Sea of Galilee"? or da Vinci's unfinished "Mona Lisa"?
always with the questions, eh Moriarity. : why don't you knock it off with them negative waves? Its going to be A Beautiful Day.
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