Chart, page-12009

Hi folks

I haven't posted about BRN charts I quite a while.

The weekly charts looks uninspiring.

Barring announcements it doesn't look good.

The 10WMA which is falling has crossed below the 40WMA. Bearish signal.

On the week 13 June the weekly hi-lo candle fell entirely below the 10WMA another bearish signal, so far since then for 15 weeks we have had no bullish signal whereby the weekly candle trades entirely above the 10WMA. I ignore the weeks when the candles cut across the 10WMA.

Since the March peak we have had two other peaks , each lower highs and in between lower lows. Last week set a lower low again, Bearish.

I put the FIBs on the chart. C wave ext23.6%= 36 and ext38.2% - = 0.315.

Now I realise that not all daily up gaps a filled, but many more are filled than not and back on the 24 Dec 2020 we have an unfilled gap of 0.32 -041

So that C wave Ext38.2% = 0.315 is certainly worth respecting.
\
I realise that this post will attract the ire of many , but its just how I read the charts.

I very much like this company and its future prospects and my first buy was in the single digits. I am looking to top up with some more this time through my super fund, But with my worry over the next two months about world markets and my charts, its not going to happen soon. I'll let the dust settle.

When BRN made it into the ASX300 index I did warn people about getting over excited, the price surged. Much to the ire of many. I was right.

I realise that my extrapolations are made on the assumption of new ground breaking news. That's life in the markets. If it happens and turn the stock around I will not be disappointed as I have a sizeable holding. But I have found that anticipating such announcements is the way to madness.

Just the way I deal with the markets so that I am not surprised by what plays out. As always DYOR

cheers Lies