BRN consolidation over?

Quick technical analysis of ASX:BRN following its rapid rise and subsequent consolidation over the past two months.

In summary:
  • Indicators are showing that support has been found at ~$0.31 and the .236 fib retracement level / -0.5 schiff resistance level has been tested.
  • As per BBW , volatility is decreasing which indicates that a breakout may be on the horizon. The BBW-squeeze also shows a potential alert for an entry point. This is supported by the Vix which hints that we have moved away from market bottoms.
  • Finally, DMI+ remains above ADX and has been toying with the 25 level. Movement above this level would further strengthen technical indicators for ASX:BRN .

The above indicate that BRN is in a favourable position for opting in. This would be further strengthened by positive news and / or increase in trading volume .


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