Company: Basic Energy Corp.
Support: 0.435 / 0.400
BSC is one of the few stocks that have bucked the market’s trend. It staged another breakout yesterday, past its immediate resistance of 0.435. It also soared toward a fresh 52-wk high of 0.560 intra-day before settling at 0.465.
The stock has been trading above its key short- and long-term moving averages since late Oct.
As a result of BSC’s bullish stock price action, the indicators are now deep in the overbought regions. Nevertheless, they are still gaining some momentum.
Despite this though, some profit-taking may ensue due to the strong one-day uptick in price.