Recently I have shared a few posts on one of the hardest hit commodities…Cotton. I ask was a “50% decline enough” (see post here) and I ask if you wanted to “catch a falling knife” (see post here)
Below is an update through today, per BAL…
CLICK ON CHART TO ENLARGE
Playing BAL should only be for very aggressive investors! BAL is attempting to find some support at the bottom of the falling channel. An unfilled GAP in BAL remains in place around the $70 level….should BAL fill this gap, it would me a rally of over 10% would have to take place.
BAL remains a very good trade the range play!
Aaron….the 38% fib retracment level on BAL is around $80. That would be a nice gain on a breakout!
Chris,
If BAL were to breakout of the channel, what kind of move could it make?
Next resistance level?
Thanks,
Aaron