Sunday, March 18, 2007

$BKX Chart Analysis for 03.18.2007

Monthly chart shows possible 5 waves up off the July 2002 lows. The February 2007 high came in right at the 1.618 fib level. Concerns about the sub-prime mortgage lending market were raised this past week. IF we have 5 waves up off a much larger range, THEN look for corrective move to the .618 fib level of the move up from the July 2006 low.

Weekly chart shows 5 waves up off the June 2006 lows, with wave extension in wave 3. Last week's support was off a .707 fib level of the last move up, and at prior area of support.

Daily chart shows weakness, with price currently below all moving averages. Current resistance is at the 200sma.

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