So
@Yak52, I would be prepared to wager that UBS were selling a few this afternoon. It must also be said that UBS are not the only ones running these HFT Bots, there a number of them competing against each other, as well as trying their best to unsettle retailers who may get tetchy when the price drops from 69c to 59.5c.
That is what happened last Monday (6/12/21) after the 69c close from the prior Friday (3/12/21), it is really important to not get let yourself get caught up in the day to day price action, because the BOT masters know who their prey are, as aretail holder IMO you would have to be crazy to be selling any of your equity in BRN right now (unless of course you had extenuating circumstances happening in your life).
Todays close was epic, a corker really, I don't want to get too jubilant about it all because the BOTS aren't going away as long as this speculative company remains highly liquid and there is not significant cash flows hitting the books. When the cashflows start to happen BRN will not be as easy to manipulate for them.
Back to todays epic close, nearly half the days trades happened in the last 30 mins, and that period saw a lot of conviction buying (less small HFT parcels and plenty of good size real parcels), but the most important thing for me was that this very afternoon our BRN closed at or above 70c for the very first time at the weekly close. So yes, it has had a higher daily close, but in the world of Technical Analysis a weekly close is of more significance than a daily, and then a monthly is more than a weekly, and then a qtrly is more so than a monthly.
So today, despite no news this week, and a significant sell down earlier in the week, BRN has come back real hard into this afternoons close and closed out at it's highest ever weekly. This clearly indicates that there is some real momentum here, and as you all know it's not a good idea to get tooo carried away, however numbers do not lie - and knowing what I know, this gives me real cause to feel some excitement. It is also a very salve for those who may have felt disheartened by the sell down I mentioned earlier, and if you're not prepared for more you'll have a tough time in the market - we live in volatile times, or as the Chinese curse goes (no pun intended), may you live in interesting times
I am that excited, I think I will put up a chart, and another call out to you Yak because I do recall that you mentioned you were a bit of an Elliottician. Elliott Waves (EW) are my preferred way of looking at markets in a technical sense, so the charts below some of my basic EW tagging of the BRN journey thus far.
So this evening 2 charts, (I will post a more in depth chart on recent price action tomorrow I hope). The first chart is long term going back to a low in early 2015, I have an uptrend line from that low, which for me is an important trendline which become the support for some major touches - Wave B in March earlier this year (6 years later), The horizontal line is my recent medium term support line Waves A & C touched it off the decline from major Wave 1 late last year, also some prior touches going back some years, I had as major support going into the recent Oct 2021 low
View attachment 3891365
The first chart above is in weekly bars, the importance of the uptrend really becomes more apparent when looked at on the second chart. I haven't tagged (applied a EWave count) on much of the first chart because from early 2015 up to the low of Mar 2020 not much was happening and in EW this period would be tagged as an expanded flat (which can quite often manifest as a pattern of long term sideways overlapping price action).
Second chart below becomes more interesting and clear in terms of EW tagging, second chart is daily bars, again the uptrend line from early 2015 has some important touches (Wave B mid Mar 2021); but it is the intersection of the long term uptrend line and the downtrend line (Wave C late Mar 2021) down to the convergance which draws my attention to the validity of that long term uptrend line.
View attachment 3891401
Looking at the downtrend line from late Mar to early Oct is an EW wave formation known as an ending diagonal, which broke down below the uptrend line to the recent low in early Oct. From the Oct low price action then moved up to the intersection of 6 year uptrend line and the downtrend line established this year, price and time met at the intersection and from that point has now broken out into major wave 3. Sometimes trend lines can be uncanny. I will post a shorter term chart with EW tagging for wave 3 with some price projections soon.
By the way Yak or any other Elliotticians out there, please feel free to feedback.
mc
(20min delay)