Following two triangle break-outs, respectively Aug10 and Aug11, Barco (BAR) formed a very visible bullish pennant (confirmed as the 38.2 fib retracement level didn't break). However, BAR was still shy of a first overhead resistance at 17.494 (which originated on the 22nd of July). This resistance got confirmed on the 12th of August, with a first attempt to breach said price level.
BAR is currently trapped in the downward channel that originated between July 6th-July 15th and, given the rejection at 17.494, is tempted to stay in this downward channel for a little while. Two short term support levels will be key: 17.01 (the 38.2 fib retracement of above-mentioned pennant) and 16.90 (resistances of early August). If this support holds true, BAR is likely to attempt to break the early July downward channel. If not, 16.53 is next support.
Short term neutral.
BAR is currently trapped in the downward channel that originated between July 6th-July 15th and, given the rejection at 17.494, is tempted to stay in this downward channel for a little while. Two short term support levels will be key: 17.01 (the 38.2 fib retracement of above-mentioned pennant) and 16.90 (resistances of early August). If this support holds true, BAR is likely to attempt to break the early July downward channel. If not, 16.53 is next support.
Short term neutral.