Braskem (BAK) was on my short list of names to punt this week, and this morning's performance has caused some relatively serious damage to the technical outlook. This was a failed breakout (5 of the 7 sessions since the jump over the 50 day moving average it has dropped), so my reasons for buying have changed and I am going to sell the stock. Thankfully after a rotten open, it's bounced back so we will only suffer a 4.5% loss.
We are now 0 for 2 with Braskem, after giving it another whirl on March 11th. I (like the first time) was trying to buy an industrial to partake in the party that is happening in the sector, but obviously HAL9000 only wants to buy American industrials.