BVN has traded in a tight range since the March lows and has slowly worked its way to a breakout of the ascending triangle. The gap level $8.5 is the first resistance level, with $9.15 being the second, before a test of the 200 EMA. Considering how BVN has tested its 50 EMA (purple) 10+ times throughout May and failed, but has now closed above it for 3 days in a row, I have to think momentum sits strongly with the bulls.
As the stock currently sits, I favor accumulating while above $8.5 but still below $9.15. I am confident this stock will be higher by the end of the week as the 5 day EMA should continue to push the stock higher.
As the stock currently sits, I favor accumulating while above $8.5 but still below $9.15. I am confident this stock will be higher by the end of the week as the 5 day EMA should continue to push the stock higher.
Comment:
Held the triangle really well, this was a choppy one, close above $9.15 means eyes should be on that 200 day EMA