$BDL: Watching 48.50 for a clean break
Been looking at $BDL today and it's putting in a decent move, currently trading around 48.12. The daily chart shows a clear resistance zone right around 48.50, which has been tested a few times over the past couple of weeks. It seems to be acting as a ceiling.
What I'm watching for is a convincing break above that 48.50 level on volume. A close above that might indicate some momentum building for a push higher. However, if it pushes up to 48.48 again and then gets rejected, especially with the daily high currently at 48.48, I'd expect it to potentially retest the mid-47s. The risk, as always, is that this turns into another failed breakout attempt. A clear rejection from 48.50 and a close back below, say, 47.50 would invalidate the immediate bullish scenario for me.
Ah, the ever-elusive 48.50. It's like that last piece of pizza someone keeps hovering over but never actually takes. Volume or not, it just might decide it's had enough of our scrutiny and finally make a move, or not.