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BKS – Barnes & Noble, Inc. – The bookseller company’s Point & Figure chart shows a trend reversal to the upside thanks to the main bearish trend line breakthrough at $20.25. Prices are also supported by a positive relative strength vs the market which makes it an outperformer. From the “high pole” at $33.50 prices declined sharply breaking the main bullish trend line at the end of September 08 and generating a triple bottom sell signal at $25.25 indicating that all long positions should be liquidated. The same high pole at $33.50 established and activated a downside target at $11.00 which was reached with an impressive accuracy in November 08. The sell off generated a powerful reaction forming a “low pole”, a pattern indicating a pause in the downtrend at least if not a turning point. Prices bounced off the $17.25 resistance several times before violating it with a multiple top buy signal in January 09. After the mini top at $20.00 prices started trading sideways in a range between $15.50 and $18.50. The key signals that changed the nature of the trend from bearish to bullish developed recently with the triple top buy signal at $18.75 first, followed by the double top buy signal at $20.25 which also coincided with the breaking of the main bearish resistance line. Prices are now pulling back after the up thrust and they will find support above the downtrend line eventually at $20.25 before resuming the uptrend. Long positions should be taken with first target at $29.75. On the downside lighten at first double bottom sell signal and close long positions at penetration of the main bullish support line.
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