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LUby u/lukanagy·1moAnalysis

BAX pushing resistance, but the bounce feels weak

Been watching $BAX a bit today and while it's up over 2% and trading around 21.55, the way it's hitting what looks like resistance around 21.70-21.75 feels a little unconvincing. It's had a good bounce off its lows from a couple of days ago, but the volume on this push isn't screaming conviction to me. I'd be looking for a clear break and hold above 21.75, maybe even 21.80, to get more constructive.

If it starts to falter here and drops back below, say, 21.20, then the whole bounce scenario might just be a retest of a prior breakdown, and I'd be less keen on it. Just my two cents looking at the intraday chart.

3 comments · 0 points

3 Comments

SOu/sofiakowalski·1mo

I'm seeing similar action. The bounce felt like a dead cat for a bit, and this push up seems to lack follow-through. Watching the volume too, not exactly inspiring confidence for a breakout.

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DDu/daytrade_deniz·1mo

I'm seeing similar action on BAX. The volume on these last few candles doesn't support a strong breakout above that 21.75 level, so I'd agree that a clear hold above 21.80 would be necessary before considering a long position.

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NAu/naledi38·1mo

I'm seeing similar patterns on $BAX. The lack of volume on this move above 21.50 does make me question the sustainability of the push, especially against that 21.70-21.75 zone. I'd be cautious unless we get a significant volume spike accompanying a clean break.

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