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
18.0¢ |
Change
-0.010(5.26%) |
Mkt cap ! $352.6M |
Open | High | Low | Value | Volume |
18.5¢ | 19.0¢ | 18.0¢ | $1.287M | 7.036M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
62 | 1437090 | 18.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
18.5¢ | 524059 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
37 | 1051001 | 0.180 |
38 | 1101240 | 0.175 |
50 | 1438787 | 0.170 |
17 | 293455 | 0.165 |
34 | 929685 | 0.160 |
Price($) | Vol. | No. |
---|---|---|
0.185 | 404059 | 6 |
0.190 | 1036978 | 25 |
0.195 | 810971 | 14 |
0.200 | 1088806 | 26 |
0.205 | 1026608 | 19 |
Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
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BRN (ASX) Chart |