Stock Chart Analysis BNT

Posted by downtowntrader | 12/17/2007 09:50:00 PM | 0 comments »

Stock Chart Analysis BNT

Bentley Pharmaceuticals, Inc. (Public, NYSE:BNT)

I'm gonna mix things up a bit tonight and show a weekly chart instead of a daily one. While I look at weekly charts of every stock I watch, I rarely post them. My success rate is much better when the weekly and daily charts line up with a trade signal. In this case, BNT looks pretty good on the daily chart closing positively in a weak market today, and holding above it's 20 and 50 day moving averages. It looks close to making new 52 week highs, and the weekly chart shows that it may of already cleared a reverse head and shoulder bottom. The right shoulder is not perfect, but it does show a clear picture of bulls rejecting single digit prices. I think the volume pattern is a little weak here, but the price action looks positive. There is a decent chance that if BNT gets over 14, it may follow suit and test it's two year high in the low 20's.

Good Trading,


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