Is BRN Uptrend Momentum Sustainable?steemCreated with Sketch.

in #philippines6 years ago (edited)

Based on chart, today’s volume and price action confirmed the uptrend momentum. The low price on March 15, 2017 at 0.89 seems the bottomed support. EMA, MA, RSI as well as parabolic stop and reverse were pointed upward.   

If the price touches at 1.20 anytime soon which is 38.2% Fibonacci retracement of my base price, then 1.99 high price on July 3, 2014 can easily be achieved that gesticulated in a bullish territory. As I stated earlier, I’m a believer for the potential growth of this stock as I have outlined the fundamentals in my post - BRN Fundamental & Technical Overview.   

Contrary, if FY2017 Financial Results is unfavorable, then the next support can be seen at 0.59.  Otherwise, it will be soon revisited 4.30 the highest price on January 31, 2008 (a decade ago).   

Please upvote and follow me on https://steemit.com/@php-ph.

DISCLAIMER: I'm not a Certified Financial Planner. Expressed herein is my personal opinion and should not be construed as a recommendation, an offer, or solicitation for the subscription, purchase, or sale of this security.

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