We sold our position this afternoon as it looks to us like the run in BLDP is getting tired and is ready for a pullback:
We are seeing a bearish candlestick Hanging Man (Tail twice as long as the body - Reversal Technical Indicator - Look for CONFIRMATION on following day):
Volume has not been strong so we were anticipating a pullback as momentum began evaporate:
The DAILY chart has completlely rolled over:
The 15 MINUTE is rolling over and the Stochastics in our WEEKLY chart are at the top, also looking ready to rollover:
Finally, our monthly Stochastics are at the top of their range and the %K has just crossed the %D, which could also be signalling the beginning of a pull back. The combination of weak volume with these other technical indicators has changed our position from bullish to bearish. We made this decision at $4.54 and will be looking to short BLDP with a smaller position at first. With continued weakness we will step into a larger short position while looking for indications of a bounce or return to bullishness.
$4.52 (08/18/08)
