Hi Chippers
Well BRN is never boring. After todays start I thought I would revisit the charts as a follow up to the post I made last Tuesday. Things to notice from that post.
We did in make it through the breakout zone.
Next we penetrated the 1st target zone of Ext 23.6% - Ext 38.2% being 2.19 to 2.37. We got as high as 2.34. No surprises that this was followed by a profit taking retracement which now occurring.
Using a new FIB range of 0.645 to 2.34 yields the follow potential retracement zones.
* 1st retracement zone Ret 23.6% = 1.94 and Ret 38.2% = 1.69 so a zone of 1.69 - 1.94. Today we have been as low as 1.68 so far , no surprises there.
* Notice we filled the daily upward gap of 1.865 to 1.97. That was to be expected.
* 2nd retracement zone Ret 38.2% = 1.69 and Ret 50% = 1.49. If the US market remain weak penetrating into this zone would not be a surprise.
* Going under the Ret 50% of 1.49 is not completely out of the question. it happens sometimes.
Next I will be looking for the bargain hunting bounce after we form a new low (where that happens who know? But hoping for somewhere in the 2nd zone). how strong this bounce is will give us some ideas.
Notice on the chart I have labelled a breakout zone above 2.34 if we close a for a couple of days in that Zone it will be a bullish signal. It could take a long time to get into that zone, again who knows.
If that happens we will have the next extention target zone upward, whereby the 1st target zone is 2.74 - 2.98.
Just the way I deal with the markets so that I am not surprised by what plays out, as always DYOR.
cheers Lies
Chart, page-16146
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Last
16.5¢ |
Change
-0.005(2.94%) |
Mkt cap ! $323.8M |
Open | High | Low | Value | Volume |
17.0¢ | 17.5¢ | 16.5¢ | $469.4K | 2.794M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
76 | 2539653 | 16.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
17.0¢ | 1057461 | 11 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
75 | 2536653 | 0.165 |
121 | 3147353 | 0.160 |
37 | 1247736 | 0.155 |
96 | 2392893 | 0.150 |
12 | 397136 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.170 | 1057461 | 11 |
0.175 | 1077093 | 18 |
0.180 | 1557191 | 21 |
0.185 | 923977 | 30 |
0.190 | 1003138 | 17 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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