The setup for BRL is looking rather interesting, with the short term momentum turning positive as the share price makes a move on the 200 day moving average at $0.13.
With an on market buy back active, the share price consolidation looks supportive for a move through the 200 day in the immediate term. Based on the cup n handle formation, Iam looking for a measured move to $0.155.
I like the fact the MACD is trending positively above the 0 control line, the RSI is trending higher and making new highs, whilst still somewhat off from being 'over bought'.Still plenty of room to move on the Stochastics as well, before being concerned of 'over bought' status.
The medium term, weekly setup is also quite encouraging, however I won't go into those specific atm.
I suspect that once the 200 day is taken out, it will get a move on pretty quickly. Happy to keep adding to my position at current prices or if we get a pull back.
BRL Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
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