Stock Chart BGFV

Posted by downtowntrader | 5/22/2009 09:14:00 AM View Comments

Stock Chart Analysis BGFV

Big 5 Sporting Goods Corporation(Public, NASDAQ:BGFV)

I mentioned BGFV as a stock I'm watching last night on twitter, and promised I would follow up with a chart. BGFV is a very bullish looking chart to me, and could be ready to move soon.

BGFV put in a low in November of last year, and started building a several month base after the initial bounce off the lows. It cleared the base in late April and just as it started looking tired, it had a breakaway gap on large volume in early May. It pulled back to test the gap, and is now starting to develop a bull flag. While it could still take some time to consolidate, it looks like it may find support here at the rising 20 day moving average, and breakout from here. I am watching the declining trendline here to see if BGFV can get going. A lot depends on what happens in the markets, but as long as they hold up without rolling over, then this chart has a chance.

Good Trading,


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