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.
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