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News Breaks | | | | November 19, 2012 | | 10:34 EDT |  | BGFV | Big 5 Sporting rises above its 10-day MA, new bullish pattern now active
The shares are up over 6% today, recovering from a relatively brief consolidation period following a very strong up day on November 2nd. This consolidation phase, resulting in a bearish price channel, now appears to be a bullish flag on the daily chart. The pattern became active today when shares broke out above the top of the channel at the $13.25 area. Upside potential for this bullish flag pattern, if it remains active and completes, is to the $17.50 area. The pattern would no longer be active on a move below $13.25, and would be voided on a break below the prior bearish price channel at the $12.50 area. Support is at the 10-day, last at $13.15. | |
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