BNX - Banks.com, Inc has recently posted some nice gains off the support area of .17 set after a rough two day sell off back in Nov. of last year. BNX was trading around .35 before the sell off occured as investors ran for the exits. The stock found support in Dec. eventually trading back up to the resistance area of .35 moving into a sideways pattern for most of the year until a slow decline started in early March before starting to bounce over the last ten days.
Over the last three trading sessions the bounce has intensified as can be seen on the chart above. Traders and bounce players have piled on rewarding the stock with a series of higher closing lows each day. The stock has the potential over the short term to retest recent highs since support has been established and recent highs have been tested once before over the last three months.
4/26/2011
