![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/quotes_7a.gif)
It looks like it topped twice from Nov 2012 thru Jan 2013. Since then it's lost its SMA(50), failed to retake it twice, stayed below its Bollinger mean, and on a day with relative strength in junior miners it's -2SD with a negative MAC trending lower.
The price is dropping with decreasing volume, which could suggest it's got a lot further to fall. There is a lot of horizontal support at $1.30, but when you factor in that this stock has gotten decent exposure from Canaccord, you have to wonder if there are any more buyers available to buy and stop the trend down. So few people want to buy mining stocks nowadays.
Weekly had a good strong upward trend thru 2012, but unless the price can get back to $1.52 by week-end this stock will have broken its short-term EMA(16) support and Bollinger mean after a couple weeks of fighting. Weekly and daily both show support around $1.30 (the weekly -2SD and weekly SMA(50)), and the long-term support line runs through about $1.30, so maybe it will stop falling at that point?
However, its weekly MACD triggered a sell signal in January, so people might be concerned that BSX would only temporarily rebound at $1.30 before falling more.
Maybe it's not completely scary, but given how other mining stocks have done over the past year I'd expect people to watch from the sidelines for confirmation before buying.
Deadpan delivery, too.
ReplyDeleteIt's a Cookie Monster pick. Does that guy ever make money? I guess I can't blame him for the state of the junior market. Puke.
ReplyDeleteComet, I'm not Cookie's PR guy or defence lawyer. I'm not a fan of BSX either. but as is often the case, it's not what you pick it's when you pick it and Cookie's buy call cam with BSX at $1.06, which means it was a good one.
ReplyDeleteNow, whether he decides to sell and take profits or let 'em ride is nothing to do with me.
Belo Sun was mentioned as a possible take-out target by NGD or Yamana last December by a widely followed anal yst who shall remain nameless or I may get my peepee slapped. That may account for some of the run up then.
ReplyDeleteI understand entirely your silence on the matter. Anal ysts are widely known for their tendency to slap the peepee.
DeleteOh nevermind....I had a brain fart and was looking at the wrong bit on the chart so my correlation is uncorrellated. Apologies....back to the kitties.
ReplyDelete