Chart, page-2

I haven't included the weekly as there isn't much data to work on but can confidently say it's looking good.

BRU daily as at close 4 Dec 17

Potential consolidation pattern and measured move

I've identified a potential continuation pattern in the form of an asymmetrical triangle.. there is one potential invalidating factor for this pattern on the BRU chart: the "pole" leading up to the triangle isn't particularly long when compared to the retrace of the continuation / consolidation zone (bottom apex of triangle). I.e. price may have retraced far enough to invalidate. We shall see.

The measured move begins at the breakout of 23c and if the pattern is valid provides a measured move in the case of breakout to approx. 40c which lines up almost perfectly with a long term fib level. This latter aspect adds some weight to the likelihood of the pattern playing out.

Of most significance supporting the likely validity of the pattern and the playing out of the measured move is that volume is consistently decreasing each day as price moves within this triangle.

Ideally, one would like to see one more bounce down / rejection off the top line of the triangle on low volume, a very short retrace to the up-sloping right hand line prior to breakout of triangle. If this were to occur one would be very confident of the measured move to 40c.

General Technicals

In a general sense price is clearly consolidating and some mopping up of supply appears to be occurring.

Price is above all relevant MA's, including the 20SMA which I don't pay a great deal of attention to, but that's a plus - strong.

Indicators are what one would expect during consolidation namely, fairly neutral save that CCI is in bullish territory - neutral to strong.

There are no pesky negative divergences on the indicators - thank God.

Tuesday last week printed a beautiful long-stemmed doji on low volume - strong.

This was followed on Thursday and Friday last week by a potential low volume shakeout over two bars, closing precisely on the 20SMA. This two bar shakeout was confirmed by a reasonable green bar yesterday - strong (especially so in light of the low volume) [as a side note, another way to look at this two bar sequence is by candlestick theory - combine the two bars into one and it gives you a long stemmed green doji closing on its high - strong]

The combination of the doji on Tuesday and the two bar reversal two days later, both on very low volume - very strong.

Price must beat the downtrend, part of which defines the triangle which today is 31.5c but by the end of the week will be 31c.

We have strength behind us, not only apropos the breakout but also strength over the last few trading days (Tuesday, Thursday and Friday). Volume is very much drying up after a breakout and significant move upwards whilst price appears to consolidate. Accordingly, the path of least resistance can only be up.

PVIP