after last weeks take over rumours and then opposing press comment, and todays 32p gain[ in a dismal market] is there something on here? Comments from T A users would be welcome.I`m just an old punter too old to learn.
So how old is old?....
Any way BGY has been forming a bull triangle since June/August 2000.Resistance has been @ 266 since August, with a final breakout today at a close of 282. For this to be sustained, we need a close of 274 (266 +3%) for a couple of days, or AT LEAST above 266, for the breakout to be confirmed ( but see last sentence).
If that is the case, 266 will become support and the target price for BGY will be 403. (calculated as Resistance minus Support at initial peak (August) added to Resistance)
that is to say 266 + (266-129)
This slots in very nicely with previous resistance @ 400-410 during November 1999. There is also a resistance line @ 360 ish Dec/Jan 1999/2000
There is also an obscure rising trendline that is currently giving resistance right at 282, today's closing price.
So on balance, a closing above 282 for a couple of days will confirm the breakout, otherwise as you were....
Keep an eye on this one for it has a habit of bucking the trend.......i.e. up when the market goes down, down when the market goes up. As for a take over.....doubt it will happen, as this is not a company where the assets can be stipped out and profited from. At least, until more diversification.