In Retrospect: COL, BPC, MIC

COL

COL retraced 60% of its recent short upward move placing the stock near the resistance line of the symmetrical triangle. As of current even with the recent downward move, the stock still displays some bullish signs. The MACD is still above the signal line, the MA’s are still in the proper order, and the volume on the downward move were not accompanied by volume as there was more volume on the days when it was bought up, than when it was sold down. If this stock is still bullish, it may be able to pull up above the 65day MA and hopefully consolidate and hold its position above the MA. Otherwise, if the stock has really turned bearish, we can confirm it if it breaks the 10.75 support.

BPC

BPC was unable to hold its position above the resistance-turned-support line and went back in the triangle on the last trading day. This stock may still move further downwards probably reaching 3.80.

MIC

MIC did not break out from the symmetrical triangle last week. Instead it consolidated further. The price action is now near the apex of the symmetrical triangle, there is a higher possibility that we may have to redraw our triangle. What this stock currently needs is for it to consolidate in between 7.30 -7.80, the price levels of the previous gap down last October so as to eliminate resistance coming from those still holding position at those levels. For the coming week, this stock will probably move down to sideways. Watch out for support at 6.10