BNI decisively broke down through its 50-day EMA today on heavy volume. Note the big red volume bars we've seen over the past week or so and consider the fact that the first week of July is holiday-shortened. Seeing big distribution in a stock during a holiday week is not a good omen. I believe BNI has further to fall. BNI reports earnings on 23 July 2009 after the close.
I would love to see a low-volume rally into the 50-day EMA (or even 200-day SMA to provide an even better short entry). Either would represent an ideal short entry for a starter position, looking to add on a further breakdown. I would not give BNI much room above the most recent highs.
Position: none
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