It seems selling has subsided on BITA. Observe the MACD nice and gradulally turning positive, and the volume has subsided on the selling days, and People are slowly acquiring the stock and now it has closed at the highs in the range for the last flat base of 25 trading days - 5 weeks or horizontal moves. It is approaching the 50MA, and this is the 4th leg of the 5 wave cycle. It could very well make the 5th wave down. It very well could have put in the high for the range, and look to make a double bottom or a 5th wave down. Still it seems the tide is turning for this stock. Best of all, though is the relative strength it showed on terrible days of the US stocks. It may be that the Chinese market simply leads the downturn and will also then lead the rebound. Being further along in this cycle, BITA may be one of the first stocks to rebound. Also, the orange circle I drew last month as BITA hit a level of resistance from the week of 10/21/2013. This later became support 5 more times until 4/14/14. It has been my experience that these extremely weak stocks (in their own bear market) always take a while to base, and I'm confident that BITA has to at least test it's lows one more time. However, if the Chinese index enters a strong bull reversal this would preclude that caveat, and BITA will rise without touching down again. I expect the markets are just starting to see their real trouble so I am posting a neutral rating and waiting for the next lows to reevaluate BITA
