BCON - Sector: Utilities --- Industry: Electric Utilities

[Melf Elf]

this one's a teaser

maxi,

It sure is!   

I have been watching and waiting

"When in doubt...stay out," and  you haven't missed much.   Applause for your patience and for your chart.  Thanks.

Coiling...coiling...coiling...if BCON keeps this up, it will "fall out" of the Symmetrical Triangle at the end of the month, and we'll never know which way it broke out.

       

We made another short-term high at 1.92 yesterday, so if we take that out and print above 1.943, we've got a "technical"  breakout.

I'm not sure that I trust this devil, though.   

I like it...I don't like it...I like it...I don't like it...I like it...I don't like it...this stock is making me schizo.

For example, after giving what often is a HORRIBLE signal, technically, MACD ticked back above its signal line yesterday.  (I'll show you that chart next).  RSI, which has been whipsawing, is looking okay now, too.

If you see me post that I've bought BCON a third time, please shoot me and put me out of my misery on this stock.

Oh-h-h, the torment!     

[Melf Elf]

MACD:

At #1: It ticked down from below zero on December 19, after we had that "bogus" close of 2.10 smack on the upper trendline on December 16.  That didn't look good, technically.

At #2: It ticked below the signal line.  Second warning.  Not good.

At #3: After rallying back toward the signal line, it ticked down again.  That often is a failure signal that leads to significant selloffs.  We got a similar signal in DNDN in early October.  YUK.

I sold BCON at 1.84 when we got signal #3, fully expecting a break to the downside.

Instead, the MACD has "fought off" the bearish signal, and ticked back above its signal line!
Granted, it's only by hair, and it could tick back down again, but as it stands, it looks like the stock doesn't want to go down.

Now, we'll see if it wants to go UP.  It hasn't wanted to do tha-at either!   

 

[Melf Elf]

If nothing else, this devil sure is interesting.    

It sold off again to the bottom of the pattern, but MACD is unchanged on the day and is still above its signal line, and ready to go up through zero on a rally.  The 50/200 DMAs still are bullishly positioned, and we're about to throw out some big numbers from 50 days ago, so the 50DMA also is ready to trend higher with any rally.

The recent highs are 1.92 (red arrow)
The top of the Symmetrical Triangle for today, January 6, is 1.931.

A print of 1.94, above both of those, "should" bring in technical buying.  Always the risk of a fakeout, like we had to the downside on December 28, with the print of 1.76.

I'm soo-oo tempted to go ahead and buy this near the open for the third time, barring a gap down, but I'd have to say that "the right play"  is to wait at least for a breakout print of 1.94.

Oh-h-h-h...the torment! 

[Melf Elf]

MACD Chart:

[usedcasting]

Hey Melf Elf, I have been following your posts on this one and I am also following it with some money. It certainly looks like its got to break soon and we have just got to wait for some news. I feel patience is neccesary for this one and an improvement will come jan/feb.

Thanks as always for your analysis (appl)

uc.

[Melf Elf]

It certainly looks like its got to break soon and we have just got to wait for some news. I feel patience is neccesary for this one and an improvement will come jan/feb.

uc.

January 6 is the perfect time for news/press release.  Maybe the CEO could say:

"Hey, I just had an epiphany!  I think my stock is worth $3.00."      

[Melf Elf]

I like it...I don't like it...I like it...I don't like it...I like it...I don't like it...this stock is making me schizo.

I like it.

Bullish Hammer off the bottom of the Symmetrical Triangle.  Only bullish if it can follow-thru to the upside and print 1.93:

1. 1.92 is the recent highs (red horizontal line).
2. 1.92 is the top of the Symmetrical Triangle
3. 1.909 is the 50DMA

MACD is ticking higher from above its signal line.  13/21 RSI look ready.

[Melf Elf]

MACD:

[Melf Elf]

13/21 RSI:

[rickjust]

hi melf ,
the swing chart is saying "i like it , i don't like it, i like it........."
double bottom double top,
it's gotta someway, doesn't it?
maxi

[Melf Elf]

hi melf ,
the swing chart is saying "i like it , i don't like it, i like it........."
double bottom double top,
it's gotta someway, doesn't it?
maxi

maxi,

Yeah, the chart looks like a long tube...and the toothpaste is ready to squirt out of there, now that we're near the apex.  Hopefully, to the upside.   

The 50DMA still is above the 200DMA, and has come down to meet it.  The 50DMA is ready to take off higher without ever having given a "Bearish Cross" signal, if the stock can rally.

Pattern-wise and technically, BCON looks very well-positioned to pop higher. 

If BCON can't get the job done here on this nice consolidation pattern and on good technicals like that, it would be a good example of what analysts mean when they say, "The stock can't get out of its own way" or "The stock fell of its own weight."   

I'm looking forward to seeing how this resolves, and am especially interested in seeing if the breakout print of 1.93 ) (if we get it) brings in some buying interest.  We need  good volume and an eventual print of 2.16 for your "higher high." (Thanks for your chart).

We'll watch her next week! 

[Melf Elf]

I'm looking forward to seeing how this resolves, and am especially interested in seeing if the breakout print of 1.93 ) (if we get it) brings in some buying interest. 

Bought BCON at 1.93

[Melf Elf]

We got some volume on the breakout.  I'd like to see this close near 1.93, or better.

[Livana]

Well.. I'm pretty happy with what I've seen in the past 2 days... BCON is already up to 2.03 as I write this!
I got in last Friday @ 1.80 

[setravis]

IMHO,I think there is a break to the upside coming.

IMHO, I think this one is getting ready to spike.... Breakout

Technicals
Close Above the 13-day EMA
Most Actives
Percentage Gainer

Last Price Quote is:
8.49%above 13-day EMA
1.39%above 50-day EMA
RS Rating: 8 

Fundamentals
Key Data:
Market Cap (M): $110.34 
P/E Ratio: NA 
PEG Ratio: N/A 
Next Earnings: N/A
Last Analyst Rating: Neutral