BKS, daily
I've never seen a better example of a black-doom candle. BKS opened at $26 (although I believe it hit $27/28 in pre-market). Yet 26 failed to hold and we saw some consistent selling across the day. The close a little under $21 is some 40% lower than the opening level!
This is NOT the sign of a healthy stock. There was no decent follow through on BKS, and the obvious issue is now a giant gap all the way down to the 10MA at $13
Now, I'm certainly not expecting - or would target $13 as the next cycle low, but....I'd guess BKS will be under $20 within a day or so. A break of $20 should open up at least a test of the November'2011 high of $18..or more likely $15.
A great company, but BKS is not yet charging enough for their great books! They are still losing money on every sale. Unless they reduce their costs and/or increases prices, this will not end well.
