Compania de Minas Buenaventura SAA (NYSE:BVN) Looses Gains After Announcement Of Semiannual Dividends

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Dallas, Texas 04/22/2014 (FINANCIALSTRENDS) – Compania de Minas Buenaventura SAA (NYSE:BVN) on the daily chart has been in a downtrend right from the time it hit the intra-day high of $14.11. The stock tried bouncing back after the initial sell off but has ended up forming a lower high of $13.87. The stock currently has taken support at the 200 day moving average which currently stands at $12.69 and trades above it. We believe that if the 200 day moving average support is broken we can see the stock slide to levels of $11.96 very swiftly.

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The momentum indicators of Compania de Minas Buenaventura SAA(NYSE:BVN) though positive, have had a bearish crossover, which is a clear sell signal, which implies that the stock can head lower once the support level mentioned above gives way. The relative strength index for the stock also has slid into the bearish zone and traders can take a bearish call and sell at current levels for targets mentioned above and much more.

The weekly charts for Compania de Minas Buenaventura SAA (NYSE:BVN) paints a very similarly picture and the stock currently trades below the 50 day moving average on the weekly charts. The momentum indicators though have bounced back from the earlier lows are still negative and are showing signs of a bearish cross over. Similarly the Relative Strength Index, has bounced up from the oversold zones but the recent sell off has again exhausted the strength of the move and we can see further pressure building up in the stock.

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(Figure): Daily chart for Compania de Minas Buenaventura SAA (NYSE:BVN)

 Latest Buzz:

Compania de Minas Buenaventura SAA(NYSE:BVN) announced semi-annual dividend for its shareholders which was taken as a positive by traders but once the initial euphoria of the dividend died down, traders took the opportunity to sell the bounce and are currently looking at the 200 day moving average as the important level.

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