Registered User
Joined: 11/5/2005
Posts: 180
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Look at GNBT's ascending trianlge breakout and then take a look at BLDP. I made good money with GNBT and look to make money on BLDP's ascending triangle. Anyone think BLDP's ascending triangle will have a breakout, appreciate constructive analysis.
FYI - BLDP filled a 22 million dollar order and has 0 debt.
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Registered User
Joined: 3/25/2005
Posts: 864
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GNBT still looks good to me. I have a possible target of 3.32 for this one.
BLDP looks a little shaky to me at this point.
It's already passed the price target of 5.91 I would set for it.
I see possible lowest support at 5.65 near term and highest resistance at 6.39 near term.
Should it surpass the 6.39 resistance level then, I see the next resistance level at 6.68.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Swing trader thoughts, not intra-day:
I picked up GNBT the first time at $0.89 but not because I knew what it was going to do...it just happened to fit my trading pattern. I got back out way too early and had to buy back in at $1.45. Got out above $4. OK, not bad.
I got back in GNBT this time around at $1.46 (based on my trade set ups). I'm still in GNBT.
Anyway, I brought that up to say that, since GNBT, I've noticed a pattern (one that, I'm sure, more experienced traders already know). That is that GNBT broke out from a long down trend on heavy volume late last year (2005). It leveled off after its first surge then blasted off for $4+.
It looks to me like BLDP is doing the same thing with the exception that its volume is not as strong. It's certainly one to watch. For me the BLDP buy signal would have come on 9/27 and 9/28.
Thanks for bringing it to our attention. I think you've got a winner here. (Of what magnitude remains to be seen...I like the 0 debt part).
Good hunting...
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Registered User
Joined: 11/5/2005
Posts: 180
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In my opinion today’s volume (talking about BLDP) will determine if the breakout will last or not. My analysis shows the breakout point is 6.31 where BLDP found resistance this morning (high of 6.30). Will it find resistance here again or breakout?
I see this play out like this, if volume is decent, and I'm comparing it to the spike on 10/11/06 then today is another confirmation the triangle pattern will hold and BLDP will advance through the breakout point of 6.31, if sellers come in late in the day and we have a down day with large volume this leads me to believe the breakout will fail. Stock could end up only down .02 but if the volume is large enough to me take this as a warning to sell. I think we'll have an up day though - just my thoughts and on descent volume. Depending on todays volume and price will determine if 6.31 is broken soon. Note, today is not the breakout, at least not yet since as I write this BLDP is at 6.15, breakout is large volume above 6.31. 9/28/06, 10/11/06, and depending on todays action (which is yet to be determined) are indications 6.31 will be broken soon.
FYI - if you ever seen one fail its not pretty, so look for the signs, and to me along with the triangle pattern the best sign an ascending triangle pattern will breakout or fail is determined by volume, above average volume spikes usually indicate a successful breakout coming or vice versa, if it fails then selling is coming.
Just my thoughts and hope buyers are making money on this pick.
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Registered User
Joined: 11/5/2005
Posts: 180
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OK, just finished writing and now watching large blocks go threw, testing breakout point right now at 6.32, volume looks good, this could be the breakout, if so 6.31 should turn into resistance.
Now back at 6.25....
MAN I LOVE THIS ACTION......I think BLDP will make another attempt to breakout today....
Watch volume, buyers are controling BLDP action today and don't see any signs of selling at this point.
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Registered User
Joined: 11/5/2005
Posts: 180
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BLDP - I wrote 6.31 should turn into resistance, I think after trading at this price in the morning and where it is now (up.55 to 6.84) the breakout is confirmed and BLDP may see a nice run. I see pressure at 7.5, does anyone else see the possibility of 7.5?
GNBT - nice breakout and "in my opinion" think the recent pullback is healthy. How do other see this? Two reasons I think its a healthy pullback and GNBT will move upward is because it stayed above the breakout point of 1.73 and looks as though it may find support on the 50DMA.
Appreciate constructive feedback.
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Registered User
Joined: 12/14/2005
Posts: 9
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Great call on BLDP. I've been watching it for the last since last Thursday. I see some resitance here at $7.10 and then around 7.50. I'd like to see it consolidate here before it continues its run up to 7.50 or you are going to see some profit taking when it does get to 7.50 slowing its progress any further. This move looks real good to me to move much higher.
As for GNBT, I liked the way it was trading until recently, and I cannot tell what it is doing until we see the next few days. I would have liked to see it bounce off the 20 and not the 50 dma. Volume isn't moving the way I would think for something that is about to break up or down. It could stay and consolidate here for a while before deciding on a direction. But with its product release in stores, I would think the move would be to the up side.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Swing trader notes; not intraday:
I love the way GNBT is moving; nice run up, take a little breather and now, right on cue, moving up again. Draw a trend line of support from mid-Aug thru mid-Sept and on up to this week and Voila. I think GNBT is going somewhere and I think it's up. (Unless the markets nosedive on us...then all bets are off)
Other biotech stocks are formulating nice looking patterns; I suspect there's more to come in that segment.
Blessings.
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Registered User
Joined: 11/5/2005
Posts: 180
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Thoughts about adding to GNBT position?
Do others see it holding at the 21DMA and accumulating for awhile or maybe down to the 50DMA.
Appreciate constructive feedback -
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Registered User
Joined: 10/7/2004
Posts: 2,181
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I think it's heading for the 50ma. The 10/24 candle followed by 3 days of successively higher lows is kinda bearish in my view. (In fact, a penny under yesterday's low would have been my short stop entry if I was going to short it.)
That said, some other biotechs are doing fairly well. That's why I like buy stops above the previous day's high, just keeps me out of a lot of hot water.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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And while we're here, BLDP looks perfect for tomorrow or the next up day for the market. If it clears 7.01, I think it will make a nice run up.
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Registered User
Joined: 11/5/2005
Posts: 180
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tobydad good call on BLDP, I wrote above I think there may be profit taking at 7.5, what do you predict for the upside and where profit taking may begin.
Good call on BLDP's action today, you couldn't have called it any better.
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Registered User
Joined: 10/7/2004
Posts: 2,181
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Wow, rl, looks like BLDP meant business in the 1st half of the day. Just looked at a 2-yr chart, I see what you mean about the 7.50ish resistance level. I don't trade intraday so I'm not too good at those issues. I just have my system that seems to take pretty good care of me and I try to follow it.
For me, $6.66 ($.01 below yesterday's low) would be the stop loss and I'd just see what will happen. As I said in an earlier post, had I been watching this one, 9/27 and 9/28 would have been the buy in point for me (of course, I could have bought in 10/05, 10/11 or 10/20 as well).
I realize that was all ZERO help; I'm just talking to hear my head rattle now (as my mother used to say).
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Registered User
Joined: 12/14/2005
Posts: 9
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BLDP As I stated previously, hit the resistance in the 7.10. I didn't think the resistance there was that great, but looking at the overall market condition of the nasdaq, I should have seen this level to be a bit stronger because the Nasdaq was in an overbought condition. I think as this stock hits between 6.45 and 6.55 (prob closer to 6.55), it will allow for an excellent buying opportunity, with a run up to 7.50 for a good swing profit.
The nasdaq still looks a little shaky and may head down to the 50dma from its perch here at the 20dma. So keep a tight stop on BLDP and watch the nasdaq market as well as BLDPs price.
As GNBT continues to consolidate here at the 20 dma as I thought it would to remain healthy, I do think it is a buy here. I feel that buying pressure is building up. But as I stated above about the Nasdaq market conditions, keep your stop losses tight just in case the market turns down.
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Registered User
Joined: 12/14/2005
Posts: 9
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Looks like GNBT started its run right after I posted the last message.
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Registered User
Joined: 11/5/2005
Posts: 180
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phamip I like the idea GNBT is holding above the 10DMA, the run from .60 to $5 earlier the pattern looked very close to the one now. Although before the bird flu play was a part of it and thats not the case now GNBT does however have allot of speculation that their products that have recently gone to market will begin to turn a profit. We all know what happens when / if a company turns a profit....watch out right.
I like the volume today, although its lite none the less its moving above the 50DMA line which I beleive is important. The pullback was healthy and I'd like to see a nice run from here with steady upward movement.
BLDP to me is looking oversold but there will be a time soon to jump back in. Just my thoughts.
We'll see.
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