Except for the quick excursion to 0.16 seen in mid-March, Boulevard Holdings Inc. (stock symbol: BHI) has largely been in consolidation mode between 0.13 and 0.15 since December.
Interestingly, there has been an increasing bearish undercurrent infused in this sideways action in the last two months. Now, price is close enough to the bottom of the range, and I am now wary of the future moves in BHI.
Sellers have the 0.10-0.12 area in mind, while buyers look at the initial upside target area of 0.17-0.18.
The Moving Average Convergence Divergence (MACD) is negatively crossed and ready to move lower with price.
TP’s Advice: same as before, avoid this stock.
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