Chart Watch - BWNG

[Chagi]

Broadwing (BWNG) is a stock that I have had on a watchlist for roughly a year or so, dabbled with it somewhat around this time last year with mixed success.

Stock has been moving strongly upwards since it broke above $5.00 in mid-October, now appears to be bumping up against resistance at $6.50. This is a developing prospect, I would personally like to see it consolidate under $6.50 for another week or two before I would view it as a higher probability prospect.

Just for interest's sake, take a look at the performance of this stock during November to January time period over the past two years.

 

[Chagi]

Update - Stock is continuing to consolidate in the region around $6.50.

Disclosure - I initiated a long position Nov 15 of last week.

 

[Chagi]

Update - BWNG moved up 4% today, appears to be breaking out again, chart is a great example of what I would best term as "rising optimism".

On a related note, I saw something fairly odd today - someone put up roughly 200,000 shares for sale at $6.90 today on an ECN (Arca). Seemed a bit strange to me given that 200K shares is a significant proportion of BWNG's daily trading volume, the ECN stuff is usually in blocks of hundreds or low thousands of shares.

 

[Kittykat]

Those were mine. Really. I bought them in the mid-4s and decided to take the profit. Looks like it was a mistake now. LOL

 

[Chagi]

Update - still holding long position, stock is in a nice upwards channel.

P.S. Here is a chance to post a snapshot generated by QuoteTracker's newly implemented historical charting. It's purdy!