 Hello and welcome to the CMC markets chart of the week video with myself David Madden marketing analyst here at CMC markets And today's date is Wednesday the 31st of January 2018 and the time has just gone 315 p.m. UK time and this week's chart of the week is going to be Bart development the British homebuilder and Take a look at the chart here over a longer term view We can see after a major sell-off that happened on the back of the EU referendum vote in June 2016 The stock has managed to make a remarkable recovery and it's been largely pushing higher since the EU referendum vote in June of 2016 So so all trot 2017 to the latter half of 2017 the stock was in a solid upper trend Creating a series of higher highs and higher lows It hit a fresh old new all-time high in October 2016 But as we can see here if you zoom in on the chart just after it reached a new all-time high of just Just north or seven pounds per share the share price then managed to gap lower And whenever you have a gap on the on the candlestick chart that is the indicate that the gap tells you a gap to the downside is a negative Indicator and a gap to the upside is a positive indicator. So the gap tells you direction which sentiment is going Now one of the myths about gaps is that they are always filled They're not always filled but they are often filled So as yet we've yet to fill that gap which we'll come on to in a moment's time So after creating an all-time high the stock gap lower Which tells it that that the sentiment has now turned negative the share if I price then drifted lower here In November creating a low not seen for a couple of months the market The market then bounced off of the 200 day moving average and began to push higher here on until early 2018 of January of this year But as you can see how here the high in January failed to take out the recent high that was created in November and I didn't it didn't get anywhere near a chance to actually fill the gap that was created back in October So what we have here is after a series of higher highs and higher lows a classic upward trend We're not beginning to see what could be the beginning of a series of lower lows and lower highs and now that the market Just this as of today managed to have the sight of move south of the two-day moving average for the first time in a number of months Not only of that we've managed to take out the recent low that was created in November So we now have not only do we have a high a lower high We also have a lower low So this is a sign the market could be turning over on itself and this isn't just common with across this isn't Happening in bar developments. It's happening across a couple of other British home better as well Which which which are at or near or below their 200 day moving average So the sector as a whole is coming under a bit of pressure and it would appear that bar development is the weakest of the bunch for now So where do we go from here as the market is pushing to the downside? We can see there's been an increased step up in in negative momentum So the pressure and the momentum for the time being is with the bears So if you do manage to continue to push lower from here, we could look at actually turret We could look at finding support at five pounds seventy seven Which was the September low and if you have head south of five pounds seventy seven We could be looking back down towards a five pounds fifty six and move south of five pounds fifty six It could even take us back to five pounds twenty three and also five pounds twenty three was high in January 2017 we also saw some consolidation in both February and March 2017 in around the five pounds twenty three region The user potential price targets to the downside should the negative move continue Now if we do see at the market turn around areas to keep an eye out for potential resistance on the upside The first hurdle the share price meeting overcome will be the two or two moving average Which comes into play at five five six pounds and 13 cents And if you move north of that next potential area for resistance could be six pounds 31 Where the which coincides with the 100 a moving average and notice how this line here the one or two moving average actor support And the market was moving to the downside in January 2018 We also saw that I could saw that we also saw a lot of price actually in around the one or two moving average in Both December 2017 and also in November as well We really would need to take out the January high of six pounds sixty one To then to be given a sign that the negative trend we've seen in the last few months is coming to an end So if you take out six pounds sixty one We could be looking to filling this gap here and that gap is filled north of that next big level to watch Off or to the upside will be the recent all-time high of our just north of seven pounds per share Well, that's all for me this week. Thank you very much