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

[bjc]

Is she actually gonna hold the gains and keep running this time, or is she gonna tank like she always does??

[rickjust]

hi,
looked like pretty solid buying today.  i think this one will run this time. (famous last words)
thanks ,
maxi

[Jimbo]

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."

Thank you  Melf Elf for your analysis.
Exellent timing 

Applaud 

[setravis]

Possible Breakout of the Symmetrical Triangle (contimuation) Pattern
Let's see some follow through !
Took a bounce off the 200-dma.
Nice Volume day.
Volume: 5,790,052
Avg Vol (3m): 2,718,320

Support @ $ 1.98
Resistance @ $ 2.53...2.98...3.28

Recent CandleStick Analysis
Very Bullish
Jan-09-2006 Bullish Engulfing 
Today a White Marubozu was formed. This shows that the buyers controlled the price action from the first trade to the last trade.


Technicals
MACD is Bullish
Stochastic is Bearish
Close Above the 13-day EMA
Most Actives

Last Price Quote is:
14.40%above 13-day EMA
6.92%above 50-day EMA
RS Rating: 10 

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

[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. We need good volume and an eventual print of 2.16 for your "higher high."

Thank you  Melf Elf for your analysis.
Exellent timing 

You're welcome, Jimbo.  It was nice to see the buying interest come in yesterday after Monday's breakout print of 1.93.  The 11½% rally was on almost 3 times the 30 day average daily volume, and we got the 50DMA finally ticking higher after the flirtation with the 200DMA, from just above it.

The next order of business is getting through 2.15-2.20.  A print of 2.16 will give us maxi's "higher high,"  above the December 12 trendline validation (resistance) at 2.15.  Above 2.20 will get us through the Kumo (Cloud) on the Ichimoku Kinko Hyo chart.

Some backing and filling here after yesterday's thrust higher would be fine, but we don't want too much of that, like we had after the December 12 rally to 2.15.  That sloppy behavior gave us the "Oops!" signals in RSI and the three bearish signals in MACD, which BCON, fortunately, was able to "fight off."

I'll show you those charts next.

[Melf Elf]

Yesterday's rally was the first meaningful attermpt to get through the Kumo (Cloud).  "Blue skies" are above the top of the Kumo, currently at 2.20.

[Melf Elf]

The backing and filling in BCON after the December 12 rally to 2.15 was a drawn out affair and the technicals became very weak, which contributed to my twice exiting the stock, prior to my re-entry at the 1.93 breakout.

The bearish warning signals (three red arrows) finally were overcome when MACD "fought them off" and crossed back above the signal line, with the stock itself holding at the bottom of the Symmetrical Triangle pattern.

Similar positioning of the MACD (the three red arrows) can be deadly, resulting in an ugly gap down or a serious selloff in the stock, which is why I wanted to see BCON actually break out at 1.93 before making my third entry into the stock.

MACD made a new high for the move yesterday and is on track to move up through zero.  "Feet, don't fail me now!"

[Melf Elf]

The two "Oops!" signals in RSI after the December 12 high at 2.15 finally were rectified when 13/21 RSI came into synchonicity on January 5, then the 13 RSI rallied "out of the slot," so to speak.  It's at a new high for the move.

[Melf Elf]

There's the print of 2.16,  a "higher high" above 2.15, the December 12 high.

[rickjust]

hi,
looked like pretty solid buying today.  i think this one will run this time. (famous last words)
thanks ,
maxi

hi,
looked good the past couple of days.
got that swing above 2.16. wish i was home today , would have bout at the dip to 2.05
here is a swing chart.
what do you think melf? will there some pull back so i can jump in? stocks have been rising so much the last few days you would think there would be some retracement. look at the qqqq today. the view is great from up here but i am getting vertigo!
maxi

[rickjust]

[tr]Quote from: rickjust on January 10, 2006, 04:13:52 PM
hi,
looked like pretty solid buying today.  i think this one will run this time. (famous last words)
thanks ,
maxi[/tr]

hi,
looked good the past couple of days.
got that swing above 2.16. wish i was home today , would have bout at the dip to 2.05
here is a swing chart.
what do you think melf? will there some pull back so i can jump in? stocks have been rising so much the last few days you would think there would be some retracement. look at the qqqq today. the view is great from up here but i am getting vertigo!
maxi

[Melf Elf]

what do you think melf? will there some pull back so i can jump in?

maxi,

BCON has rallied better than 20% off Friday's low and it popped its head above the Kumo (Cloud) yesterday, so a pullback isn't unreasonable.  Not too much, though, or it will get into technical difficulty again. 

The bottom of the Kumo (Cloud) is 1.987.
The Tenkan-sen (solid green line) is 2.01
The Kijun-sen (solid red line) is 1.99. 

I'd like to see that 1.987 - 2.01 area hold on any selloff.  That's roughly a 50% retracement of the rally from Friday's low of 1.80, too.

got that swing above 2.16. wish i was home today , would have bout at the dip to 2.05 here is a swing chart.

2.05 was a short-term high on Tuesday.  I liked seeing yesterday's pullback on lower volume hold at 2.05 horizontal support.  I'll show you that chart next.

[Melf Elf]

Good volume on rallies.  Lower volume on the pullback to horizontal support at 2.05.

[SMTM]

melf
i really like your ta on bcon. i have been in and out of it for months. the first trade was before the runup in august. where i got in around 1.80 - 1.90 and rode it to the high. but didn't sell at the high and lost a dollar before i sold( i'm a newbe)..lol.
i been in several times since then for small profits. i'm like you i been bit a few times by bcon as i am sure a lot of people have.
i have been following your post for sometime now.. in readng your ta i feel i have a better grasp on the stock because of the ta you give on a daily basis.
keep up the good work..
thanx
smtm

[Melf Elf]

melf
i really like your ta on bcon. i have been in and out of it for months. the first trade was before the runup in august. where i got in around 1.80 - 1.90 and rode it to the high. but didn't sell at the high and lost a dollar before i sold( i'm a newbe)..lol.

SMTM,

Does that stand for "Smart Man Takes Money?"    That was a nice trade!

i have been following your post for sometime now.. in readng your ta i feel i have a better grasp on the stock because of the ta you give on a daily basis.

That's exactly why I make these posts, so that we understand the stock, and what we're dealing with in terms of the technicals...support and resistance...patterns...targets...stop/loss, etc.  Thanks for the feedback.  Applause.

BCON looks good again today.  We're above the top of the Kumo (Cloud) now, which is at 2.20, and the stock continues to rally on nice volume.  The high this morning is 2.30, near next horizontal resistance at 2.35.  That was the high on November 16.

After this nice thrust from 1.80 to 2.30, we can expect a pullback at any time, but we've got "room" now to back and fill.  Looks fine.