Could BAP Be Another Winner in 2018 ?

By my estimation in weekly TF, BAP has just transitioned from PHASE C to PHASE D of an Accumulation Pattern within it’s MAJOR UPTREND. That is, the low of September/October at $5.19 is likely to be the last lowest low (LLL) going forward which was a RETEST of the  November 2016 CLIMAX. If my analysis is correct, we should not see a new low lower than that of $5.19 going forward. A must hold SUPPORT in my book $5.19.

Another stock which required patience and some range-trading along the way.

SCENARIO which may potentially unfold  over the weeks ahead is as follows: $6.09 would mean a new 12 month high ( if and when it happens) which is likely to bring in further technical buying. That would than propel the price action to take out any short positions currently held with BAP. Thereafter a test of  it’s all time high at $6.56 !

OBV at the second window is already in a BULL MODE registering higher highs and higher lows. Ratio analysis ( Relative Strength ) also suggests that BAP has started OUT-PERFORMING All Ords. (XAO). If we are to use weekly 10 and 40 period moving averages we would also have a GOLDEN X on hand.

Will BAP knock on $9.00 + in 2018 ?

Where is the least line of resistance Mr Livermore would ask ?

Disclosure : BAP held.

Weekly BAP chart below.

bapweekly26112017

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