I have to disagree with you there.
For anyone who happens to be a student of William O'Neill and CANSLIM investing, the BZP chart looks like almost a perfect "W" base pattern which is very bullish. There are a couple different ways to play this base pattern using CANSLIM investing principles (see *ww.investors.com for details in the stock philosophy)
Notice the "W" shape of the base, and the fact that the low price on the right half of the "W" is very similar to the right half ($11.70 vice $11.05). Ideally you'd see the low on the right half a tad bit below the left half, but not a big deal. The symmetry provides so solid price support. If you look at a dailay chart you'll also notice some sideways movement on lower volume the last few days as the stock has approached and made new highs. This represent resistance in the form of folks who bought at previous highs selling out because they fear the stock may go back down. While I do agree that this pattern coud represent a top, the fact that the volume is decreasing on a daily basis as the stock moves sideways, indicates to me that the selling is drying up and the stock will likely make its next major move higher rather than lower.
Now the buying strategy:
Normally the pivot, or buy point of a "W" base is when the stock price passes the high point set in the middle of the base. For this stock that would have been $13. The exception/ammendment to that rule is that if the base forms a "handle" on the right side, the buy point reached when the price passes the high of that handle on heavy volume. For this stock the high of the handle is $13.38 and was set on Thursday as the stock pulled back on low volume.
You can read lots more on this base pattern at www.investors.com.
Bottom line, the technicals and fundamentals look excellent for this stock. It is in the right sector at the right time with growing fundamentals. I'd be a buyer at these levels and all the way up to $14 per share.
GLTA,
John
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