3SOF

Consolidating.

... and there's no base to BEAS. This doesn't mean it won't go up, but not in technical good shape.

THANKS !

Came across BEAS tonight and wondering if it might be one to consider as it is beginning to turn up again?

With the current market scenario and BEAS chart, it does not look promosing. However, watch out for volume and price action for next two trading days.

I would not buy at this time.  If Oil keeps rising,the market may be in for a correction and trade sideways for a while.  Don't want to be on the wrong side of the trade. 

Quote from: Tirebldr on June 21, 2005, 09:15:26 PM
Came across BEAS tonight and wondering if it might be one to consider as it is beginning to turn up again?

I not only would consider it, I'm going to buy it today if it doesn't gap away at the open    I give you an applause for calling it to our attention.  I'd rate BEAS a buy on a print of 8.27, the buy pivot above the June 17 high of 8.26.  BEAS not only printed 8.27 yesterday, it closed at 8.28.  I like that.

Here are some of the technical reasons that I like BEAS:

1. Go back to the lows of November 29, 2004 (7.95) and January 12, 2005 (7.89).
7.89-7.95 was very important support.

2. On March 29, 2005, BEAS closed at 7.75.  7.89-7.95 support was broken on a CLOSING basis.  Bearish.  BEAS made two attempts to get back above that level, but former support became resistance.  The last rally attempt high was April 13 at 8.02, then BEAS went down to a low of 6.78.

3. 8.02 becomes important.  It's the last high.  In order for BEAS to turn even short-term bullish, it needed to make a "higher high" than 8.02.

4. On May 18, BEAS opened at 8.03, making the higher high.  It closed at 8.14.  The following day, it gapped away higher, leaving a gap at 8.23.  Before it filled the gap, BEAS rallied to its February 4 high of 8.94 EXACTLY, forming a  neckline of a possible bullish Inverse H&S pattern.

5. From the 8.94 high on June 10, BEAS has done three thing that I like:

a. Filled the 8.23 gap.  It did that on June 8.

b. Formed a right shoulder, the low of which must be higher the the left shoulder low of 7.98 on January 12.  It made a right should low on June 20 at 8.02.  Remember 8.02?  It was the last high in April (resistance) prior to BEAS making its May low.  Former resistance at 8.02 now has become support.  Bullish, as long as that holds.

c. It started higher (as you said) and has made a "higher high" than the June 20 closing low "pivot day," by printing and closing above 8.26.

There are no guarantees on any trade, of course.  They're all just trades in which we try to set up good risk/rewards strategies. 

So, in addition to the technical structure of this chart, I very much like the risk/reward setup.  The stop is a close below that important 8.02 low, for a loss of about 3%.  The  possible gains if upside targets are achieved, using yesterday's 8.28 close, are:

Target #1: 8.94 - The neckline of the possible Inverse H&S Pattern.  8% gain, if achieved.
Target #2: 9.84 - The 52- week high. 19% gain, if achieved.
Target #3: 10.21 - The May, 2004 gap 23% gain, if achieved.
Target #4: 11.10 - Inverse H&S pattern measurement on a breakout above 8.94. 34% gain, if achieved.

Thanks for your post on BEAS, Tirebldr.

BEAS currently is indicated to gap higher at the open.  BID: 8.33...ASK: 8.36. 

Yesterday's high was 8.33, so an opening in that range is okay.  I won't pay any higher than 6.36.  That's already a 1% increase over yesterday's close, and I don't want to deal with a gap left on the chart that might get filled down the road. 

I'll post if I buy BEAS.

Well good luck on BEAS, me I'll stay away because there is a lot of resistance around the $8.50 area, better to let it take that out to confirm movement.
Mike

I am with Aussietrader on this.  I would wait till it clears $8.50 with volume for a buy.  Let the stock prove itself.  I like the stock, it just needs to show it has enough legs to clear the $8.50 mark.

That's my two cents.  Good luck in whatever choice you make.

I bought BEAS at 8.27.  Stop is a CLOSE below 8.02. Thanks for your comments, Aussie and Saffey 

Quote from: Melf Elf on June 22, 2005, 09:33:41 AM
I bought BEAS at 8.27.  Stop is a CLOSE below 8.02.

BEAS closed at $8.43 on almost double its 30-day average daily volume.  This looks fine.  I'll hold for the reasons outlined above.  Same stop.

Quote from: Melf Elf on June 22, 2005, 09:33:41 AM
I bought BEAS at 8.27. Stop is a CLOSE below 8.02. Thanks for your comments, Aussie and Saffey

BEAS has been up 4 days in a row.  It rallied another $0.40 to 8.83 late this morning, just 11 cents shy of 8.94 neckline of the Inverse H&S pattern, then eased off in the general market selloff this afternoon.  It's currently 8.73 BID...8.74ASK, up $0.30.  Pretty good in a lousy market today.

Given that the stock has had a straight-up 10% rally off Monday's key 8.02 low and got almost to the neckline, I sold it at 8.75. Sorry that I couldn't post the sale in a more timely fashion.  This site has been down for a few hours.

BEAS might try to breakout above 8.94 tomorrow, but this 4-day 10% rally looks like "too much too soon" to breakout here, and sustain it.  I could be wrong, but I decided to take profits, and err on the side of caution.  Some consolidation of this week's gains would look better on the chart.  Overall, this chart still looks great.  I plan to re-enter on a pullback or an upside pattern breakout. 

Thanks to Tirebldr for bring BEAS to my attention    This site is a great resource.

BEAS closed up $0.33 yesterday (Dow down 161), and it's down only $0.02  today (Dow is down 110).  Very good relative strength. 

I took profits on my trade yesterday, but I'm keeping it on the radar screen, and plan to re-enter.  Nice 6-month Inverse H&S pattern.  During this right shoulder, the 50SMA is creeping up to make a bullish cross of the 200SMA.  There was nice volume on Wednesday's and Thursday's rally days.  Looking good for a rally when the general market selloff ends, or before

The upside breakout is a print of 8.95.

Geez, BEAS now has gone positive.  It's 8.84 BID...8.85 ASK, making a higher high than yesterday.  It's up 5 days in a row, and now is within $0.10 of the H&S breakout, which is a print of 8.95. 

As I said yesterday, I'd hate to see it breakout now, after a straight-up rally off 8.02, but it might.  BEAS is looking very strong.  Stocks that show good relative strength during a market selloff tend to do well on the next rally. 

Anecdotally, Bear Stearns (BSC) cut BEAS to an underperform on June 13.  It gapped down to 8.54, and sold off to make the right shoulder low at 8.02.  At the current price of 8.82, the market is will to buy BEAS $0.31 higher than where the stock opened on BSC's downgrade.  I like that.