Well it could be a pump and dump, but maybe not this time. In...

Well it could be a pump and dump, but maybe not this time.

In the meantime:Welcome to the closing of the first trading day of the year of the Dragon (which kicked off on Sat 10th), so today was the beginning of the Dragon trading year. The Dragon as some of you may know is an auspicious beast, and I see that some here have enjoyed an auspicious beginning to what very likely shapes as a breakout year for BRN.
https://disallowed.com.au/attachments/screenshot-2024-02-12-at-3-38-48-pm-png.56657/This celestial Dragon has some whiskers, just like me, so I thought he was very appropriate particularly since myself being born in Feb 1952 makes me a hairy Dragon as well, although not celestial just yet.

Moving on from the Dragon and speaking about breakouts, today was a breakout from the trading range which BRN has been confined by since Oct 30 last year. BRN SP has 3 times been restricted by the 25c resistance level (which has now become initial support), but today BRN broke out above 25c on big volume and went as high as 27.5c intra day, which are usually important technical traits that speak to a sustainable move upwards in price trajectory. See chart below:

https://disallowed.com.au/attachments/screenshot-2024-02-12-at-9-26-41-pm-png.56664/So this chart has the box (they are known as Darvas boxes) that has confined price action since Oct 30th up until today 12th Feb, the price range has been 15c to 25c for a duration of a lengthy 70 trading days. Resistance is at 27.5c (todays high) and two areas of low prices from late Aug and mid Sept. Also take note of the downtrend channel, you can also see in the box that price action has now finally broken above the top line of the said downtrend channel.

This is significant on a number of levels, most importantly is the fact that this trend channel has completely enveloped price action since the beginning of 2023, but not only that, this trend channel has contained most price action since early March 2022, so I am more than a little happy to see that line is no longer ruling price action - that is not saying a lot when the recent lows are considered, but it's finally going in the right direction. Also important is the fact that the upper trend line intersects exactly at the price level of the recent SP low (15c), technically speaking it was better for price action not to revisit or break the 14.5c level we saw on Oct 6th 2023. See longer term chart below:

https://disallowed.com.au/attachments/screenshot-2024-02-12-at-6-50-29-pm-png.56665/CCheers
mac