What we have here is an episode of the Walking Dead. The technical analysis for BIOF are bad, but the fact that they were forced to sell the Ethanol plants (Nov 25) means that dont have much to live for in the ethanol game. Dead the water.
Keeping things simple the technical trade for the short term:
* We see BIOF moving lower to rest test the lows set in November. The stock trades at around 1.80 with very weak support at 1.70 and 1.45.
* BIOF's ALAMO moment will likely be at 1.13 where nervousness buyers may choose to take what they can and run.
* The 50 EMA is well respected by the stock and should be used for entering a short and used for taking profit.
(Short positions are typically dangerous and BIOF is no different, Be careful and set respectable stops.)
@NYSEDAYTRADERS
Keeping things simple the technical trade for the short term:
* We see BIOF moving lower to rest test the lows set in November. The stock trades at around 1.80 with very weak support at 1.70 and 1.45.
* BIOF's ALAMO moment will likely be at 1.13 where nervousness buyers may choose to take what they can and run.
* The 50 EMA is well respected by the stock and should be used for entering a short and used for taking profit.
(Short positions are typically dangerous and BIOF is no different, Be careful and set respectable stops.)
@NYSEDAYTRADERS