Biomet Inc

On December 4 we mentioned that traders would watch closely to see if the bulls would be able to push BMET shares above the resistance of $39.15. As you can see from the chart below, the price was able to surpass the resistance and we've seen a strong move higher ever since. The break above the resistance finally ends the prolonged sideways trend, but as you can see from the Andrew's pitchfork indicator, it may be a little over extended in the short term. We expect to see the price of BMET's shares spend the remainder of the week trading between the resistance of the Andrew's pitchfork ($42) and the new support level near $39.