BGA in Depth 20/02/2016.

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.

bgaweekly

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.

bgapnf

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.

 

 

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