BNO - Strong Cup & Handle buy alert

Timing a low-risk entry point, with very high conviction in this one.

Context: Price has grinded very slowly since Dec and has formed a few downtrend lines, and has broken through most of them. Volume has spiked up since the lows in Feb, and more importantly, volume has stayed with this stock since then, i.e. there is a clear jump in interest at these prices, and the interest has continually built, possibly even institutional volume.

Chart: Price seems to be forming a very nice saucer shape as part of a Cup & Handle pattern. Price has been forming a nice choppy slow-grinding handle (or bull flag) in the past week, which shows selling weakness which is perfect for a strong rally.

Trigger: Buying came in with most volume in a week which may suggest that the handle is starting to break out into the rally.

Depth: Very strong depth, bids outnumber offers almost 4 to 1.

Shorts: No positions open, no shorting allowed by my brokers, easing future selling pressure

Targets: 45c, 50c, 58c (relatively far, will definitely need some fundamental backing)





Do share any thoughts, fundamentals or other any analysis you have!

GLTA