A basic tenet of technical analysis is that broken resistance turns into support. Biadu broke two resistance levels and these combine to form a support zone. With the stock firming the last two week, watch for a bounce above the mid May high to reverse the May slide.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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