BGR Energy- Post crash weekly closing high and triangle breakout
BGR energy broke out of a 10 month long consolidation/sideways move and closed at a fresh weekly closing high. This is its highest weekly closing since June 2019.
The chart also shows a clear symmetrical triangle breakout this week. The move is supported by decent volumes and will most likely hold up going forward.
The obvious target for BGR energy is the 65-66 level as it was a major resistance area for the stock in 2019. Additionally, the 200 week SMA is also currently at the same level (65.82). If/when the stock closes above 65-66 levels on a weekly basis, we can expect a much bigger upmove going forward with targets of 82 and beyond.
Longs can be held with a WCB SL of 49.8.
The chart also shows a clear symmetrical triangle breakout this week. The move is supported by decent volumes and will most likely hold up going forward.
The obvious target for BGR energy is the 65-66 level as it was a major resistance area for the stock in 2019. Additionally, the 200 week SMA is also currently at the same level (65.82). If/when the stock closes above 65-66 levels on a weekly basis, we can expect a much bigger upmove going forward with targets of 82 and beyond.
Longs can be held with a WCB SL of 49.8.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.