This is the only stock I know of that came from the ashes (meaning below 1 peso) and reached an all time high of 107 pesos, without changing par value. As fast as it went to the high, is practically how fast it sank to below 1 peso. With that, it nearly brought the whole stock market to its knees and probably even was close to bringing it to the intensive care unit. The SEC was hell bent to get to the bottom of the manipulation that went on with this stock that they were prepared to shut down the market for at least one month. Well, enough of the background for BW, on with the chart!
What the chart has shown me (and I dunno why I decided to check this out), was that after a sudden downtrend in August, SUN has tried to go beyond 0.75 but has backed off. Recently, it seems to have regained some resilience. What I'd like to see is that this will now retest 0.75 and break it with substantial volume. Once that neckline is broken, we are targetting 1.02 as the minimum upside for SUN. For the moment, the price is caught in between the moving averages and the nearest moving average that is blocking its way is the 260MA at 0.68. After that, the 130MA is waiting at 0.72. It looks like this will take some time before it breaks out.
But we won't mind if it happens to go beyond those MAs and immediately breaks out. After all, it's a sin if we don't act on an opportunity that is presented to us.
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