Afternoon All
Just gone long in BBY after having been short start of this year:
*Final Results due Thurs 08/03/12, with recent contract wins expecting a positive RNS
*Had been in a positive uptrend since 23/11/11
*Dropped out of a Bullish Flag and now in a ''resting'' phase, trading range between 290-270, hoping after this Thurs a breakout occurs over 290
*No surprise with the trading range, using high of 360 and low of 214 (Yearly chart) Fib Levels: 270 (38.2%) and 287.7 (50%), 61.8% puts it at 305
*Lower indicators slightly mixed---Stochs extremely oversold, RSI still negative, MACD approaching the 0 level, ADX 19ish so weak trend (what you would expect in a rectangle resting phase)
*Sitting on 200 EMA
*Deutsche Bank has reiterated its 'buy' stance on construction firm Balfour Beatty (LON:BBY) with a target price of 315 pence today
Kind Regards
KullyB