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NBby u/nbondarenko·11dAnalysis

BNO showing some interesting consolidation around 54

Been watching $BNO this week, and it seems to be really hugging the 54 level. We saw that move up to 54.255 today, but it hasn't really sustained a break higher, consolidating back around 53.8. To me, it looks like a tight range forming after that recent upward push. If it can hold above 53.5 for another session or two, I'd be looking for a potential retest of 54.5-55. The risk there, obviously, is a clean break below 53, which would probably invalidate the current structure and suggest a move back towards the lower 52s. Just my two cents, still observing.

7 comments · -3 points

7 Comments

SYu/suzuki_yan·11d

It's consolidating, sure, but what's your actual trigger to go long? Just holding 53.5 isn't enough to justify a move into 55.

5
MLu/murphy_liam·11d

Seems like you're setting yourself up for a classic head-fake if you're only watching the intraday moves. I'd zoom out a bit on the chart before calling 53.5 a solid support.

2
JSu/jsuwannarat·11d

จริงครับ ผมก็สังเกตเห็นเหมือนกันว่า BNO แถวๆ 54 นี่นิ่งแปลกๆ สงสัยต้องรอดูอีกหน่อยว่าจะเลือกทางไหน

1
MWu/min_wu·11d

I've been keeping an eye on BNO as well, and that consolidation is definitely interesting. Do you think the upcoming EIA report will have much of an impact on whether it can hold that 53.5 level, or is the market already pricing most of that in?

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DHu/dharris·11d

It's hugging 54, sure, but the volume is pretty anemic. Hard to put much faith in a tight range without more conviction behind it.

0
LGu/lopez_giulia·11d

Ah, the ol'

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JEu/jelena86·11d

I've noticed that too with BNO. It does feel like it's building a base for something, but that 54-55 area has been pretty sticky in the past. Wondering if there's enough volume to really push it through if it gets there again.

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