BizAuctions Inc.
(Public, PINK:BZCN.PK)
TheMarketFinancial has initiated an independent bullish technical trading alert for 12/17/09 on BizAuctions Inc. (PINK:BZCN.PK). Shares of the company finished the day at $0.0016, down 11.11% from the opening bell. The stock reached an intraday high of $0.0020 which seemed to be a major resistance, thus causing it to fall near the $0.0016 levels where it has found a nice support level. Investors are currently awaiting company news regarding their next quarterly, and as well an update on the much anticipated holiday season sales with revenues expected to increase. During the same time last year, the stock reached a high of $0.11, after news of gaining new business from commercial and retail owners for the resale of their used industrial equipment. Excitement within the investment community is growing as technical analysis experts await the stock’s 50 day MA and 200 day MA to cross, thus paving the way for the illusive Golden Cross formation.
To read the previous company profile published by TheMarketFinancial, visit this link: http://www.themarketfinancial.com/holiday-season-may-bring-renewed-interest-in-bizauctions-otcbzcn-pk
About BizAuctions Inc.
BizAuctions Inc. is a provider of commercial eBay liquidation services for excess inventory, overstock items, and returns for retailers, manufacturers, and distributors. The Company sells from home goods, brand name clothes and electronics. The Company lists the merchandise through software which is integrated and compliant with eBay. Once an auction ends, payment is collected via PayPal or credit card. The Company is providing liquidation services to retailers in California, Arizona, and Colorado, and is in the process of expanding into other states.
Technical Chart Analysis
( Click to Enlarge )
From the chart and technical perspective, it is easy to see why an investment in BZCN would be a smart choice for potential onlookers. The stock seems to have found strong support during mid October and November at $0.0010, while a strong resistance is equally as evident within the $0.002, and $0.0025 price per share, where if broken, could see the stock rise to $0.003. The RSI (Relative Strength Index) has been consolidating around the 49.23 level and seems to be trending upwards, meaning the stock’s float is still highly oversold. The empty Doji cross which happened, also represents indecision, and perhaps a reversal from the recent bearish trend, and into a bullish trend. MACD divergence has been negative the past week, and looking at the pattern from November 23rd to December 7th (positive divergence), and as well from December 7th (and onward) the negative divergence seems to be coming to an end, which would verify the stock’s new bullish trend. Should the company release the much anticipated news, the high volume should propell the golden cross to form (50 day MA and 200 day MA) thus potentially sending the price per share to the $0.003 resistance and perhaps even higher.
Disclosure: Long BZCN
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