Hi All
Its been a real long time since i posted a chart here, a combination of me being super busy at work plus with the bearish nature of BRN, havnt really found a reason to post a chart.........until now.
I thought i would start with the long term chart of BRN , then work my down to the daily and even the hourly.
Folks might remember this chart when i first posted here, i mentioned back then BRN completed a full set of 5 waves, a super cycle so to speak, the next wave to follow was sub wave 2 down, which can go down rather deep,
Given the vertical nature of the sub wave 5 up and RSI 14 reaching a lofty 87, with no support zones on the way down until 60, wave 2 down was always going to have a decent descent..
For a while there, 60 support was looking good to hold, then MACRO turned shit and sales were disappointing, so SP drifted to the next level of support at 39/50.........it got to a low of 40.5.
If we observe the RSI 14 now, it looks to be levelling out........has BRN seen the low ?
WEEKLY CHART
3 green bubbles starting from the top.
a) SP looks to be forming a base
b) MACD......green line converging with red signal line, we need to see that break above to confirm bullish
c) RSI 14 hit over sold 30 and is now slightly rising.
More evidence that 40.5 may be the low.
DAILY CHART
MACD has turned bullish
RSI 14 needs to break up from the bearish trend line but has noticeably got off the canvas..
SP showing some higher highs but needs to break up from the 21 ema and break to the upside of that white bearish trend line to confirm BULL
HOURLY CHART
Well finally the trend is looking much better, with SP displaying clear higher highs / lows.
MACD looks set to break out.
RSI 14 displaying a bullish trend.
Minor sub wave 5 up looks good to go with strong support zone at 43/45.
Lets see what next week delivers and whether or not it confirms my instinct that BRN has finally seen the low.
As always, IMO, IMO, IMO
Have a good easter everyone !