Does BBL move higher from here?
Updated
BBL current market price(979.35) which acted as resistance (marked with RED arrows) during 2016 and early 2017 is currently acting as great support (marked with GREEN arrows) since then. Does it move higher from here? Based on the chart below, it seems highly likely. However, your guess is as good as mine.Note
200 DMA can act as a resistance as the current market price is coiling just below 200 DMA for last 3 days after a big spike on Monday. Can use 50 DMA(1063.52) as stop loss to preserve gains if anyone is LONG in the trade.Trade closed: stop reached
As expected, stock faced resistance at 200 DMA and gave up all the gains and went below 50 DMA to hit the stop loss provided in the previous update. Hence, closing the call.
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