Sunday, December 03, 2006

BKS Analysis 12.03.2006

Bearish butterfly pattern formed into the 1.618 fib level. Possible 5 waves up from the $11.48 low. IF we have 5 waves up, THEN look for abc correction into .618 at $25.67 area.
Resistance at the .707 fib level, with sellers showing up and making a bearish engulfing candle pattern to show that investor sentiment has changed. Current support off the cluster of moving averages .... 89sma, 34ema 13ema. Possible test of of $43.50 high before heading lower.

Profit taking off the $43.50 high brought out some early buyers on the pullback. Early buyers were met with more selling. Watch next week for confirmation of weakness.

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