ETrades1
Long

BSET Channel Breakout off .786 retrace

NASDAQ:BSET   BASSETT FURNITURE INDUSTRIES INC
Is this the next $HOME? Another furniture play. Price moving strongly off important $5.00-$5.50 level which is also a . 786 retracement of the move up off the April lows. All oscillators looking strong to me, momentum clearly favoring the bulls. Depending on how you draw the descending channel , the breakout is either imminent or has already occurred. Moving averages are confirming move to the upside is imminent with 20 SMA above 50 SMA with a 5/20 cross appearing likely to occur on the next trading day. I would have to guess this one moves up nicely over the next few days although be mindful of the gap at $6.8.

Also management buying recently: https://finviz.com/quote.ashx?t=BSET&...
Comment: Looks like Inv. H&S setting up with nice reversal candle off top of parallel channel which coincides nicely with the 50% retracement, as well as the the all important $6 level.
I think this one should see +$8

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