BOT Stock Chart
By Blain Reinkensmeyer on Jun 08, 2007
I have covered some good topics on Stock Trading 101 related to technical analysis, and this chart encompasses most of them. BOT has been an interesting stock to watch as the MACD has slowly trended down as the stock has stabilized and made higher lows in the $180s. The last three higher lows were first at $181 in April, then $183 in May, and most recently $186 closer to June. What sends mixed signals right now though are the two distinct distribution days this week. The RSI is basically neutral, so I am not considering BOT has a purchase until it crosses into new highs above $203.38 on strong accumulation volume. If the 50 DMA or the wedge is broken to the downside I would say this setup is bust.
5 Responses to “BOT Stock Chart”
ya, agreed, the distribution days don’t mean anything but “caution flags” to me, but still worth taking note of. I never thought of resetting the MACD, that makes sense.
We’ll see what BOT can do this week :P
The pattern held up although the break out was small on this one, but at least the volume kicked in. I have had a banner week too. I had TNH and FDG. I love this market!
I’m a little worried about volume being so low today (6/18) but it probably has more to do with the fact the overall market volume was anemic. ICE and CME continue to battle it out to see who will take over the company and it will be interesting to see who wins
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Great analysis, but I think this is a great set up. I would ignore the distribution days. What this looks like to me is accumulation. It is bumping resistence and the volume has increased a bit the last two days. I agree if it breaks the trend, it is a bust, but this looks very good to me. Most of the time I reset the MACD when the stock comes down to the 50 day, so I ignore anything before that.