I start with weekly chart of BGA first taking a medium term view.
If the Dow Theory is applied :
Major Trend (3rd TF) : UP
Medium ( Intermediate) Term ( 2nd TF): Down
Short Term (1st TF): Down
If XABC correction is applied the target has been met and slightly exceeded the C target of $5.77 as of this writing.
Violation of the dashed UP TRENDLINE in Blue also adding extra weight to the bearish move in the Medium Term ( in fact confirming it).This violated trend line has been drawn from the higher troughs of the prior medium term up trend. Expect resistance if and when the extension of this trend line is tested on any rally.
OBV at the bottom window also confirming the bearish medium as well as short term moves.
There is a SUPPORT around the zone of $5.50 which was the prior major breakout zone. Whether or not it holds on any test is another matter.
Now to the PnF Chart of BGA. Two H/C Tentative Bearish Price Objectives are already met which are not shown. I am focusing on the V/C which is valid and active and that gives me a Tentative Bearish Price Objective of $4.71 . As to how close we may get to this only time will tell.
Safe Charting to all chart lovers in this bear market that we are in with our broader market XAO, if the 20% drop from Peak to Trough is applied.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.