Company: Basic Energy Corp.
Support: 1.00 / 0.70
The stock floored yesterday, surprising on the downside and trending the same with almost all mining stocks. It is now on a 3-day losing streak and is on the way to fully correcting its initial rally this year.
Despite the massive selldown, BSC is still far from being oversold. Indicators are showing a spike in selling momentum as volatility continues to increase.
The closest and most reliable support is at 1.00 — a level that BSC could very well challenge later today.
All things considered, the stock still looks a bit too unstable.
Wait for the support to hold before positioning.