US Stock In Play: $BCOV (Brightcove Inc)$BCOV have successfully broken out of its Symmetrical Triangle chart pattern highlighted last week , rallying to an intraday gain of +6.75% this morning. The breakout of the pattern sets a directional play for $BCOV, along with uptick in price volatility and volume exceeding 100% of its 50D average observed.
At the current price close of $18.83, $BCOV is still 31.25% away from its IPO inception year high at $25.50.
BCOV
US Stock In Play: $BCOV (Brightcove Inc)$BCOV closed the half-day trading session at $17.64, an intraday gain of +2.08% at 98.68k transactional volume. The trading volume of $BCOV have significantly declined since the start of December, which led to a bi-directional (“drifting”) behavioral price action during the course. The lost of directional momentum have also allowed $BCOV to formed a short term Symmetrical Triangle chart pattern, identical to the mega capped companies that were highlighted last month (eg. $TSLA, $AAPL, $AMZN).
At the current junction, $BCOV remains above its 20DMA, with an expectation of clarity in directional play in the upcoming week.
