Thoughts on $BRN's consolidation and potential breakout direction
Been watching $BRN's activity today, hovering between 1.05 and 1.085, currently around 1.07. It feels like it's been consolidating in this general range for a little while now, and the market seems a bit undecided on its next move. My personal take, looking at the daily charts, is that we're seeing some good support building around the 1.04-1.05 area. I'd put the odds at about 60% that we see a retest of the recent high around 1.12 within the next couple of weeks, assuming the broader market sentiment remains relatively stable or improves slightly. The alternative, a break below 1.04, seems less likely given the current buying interest, maybe 40% chance of that scenario playing out before month-end. It's a key level to watch; a decisive move one way or the other will likely dictate the short-term trend.
I've noticed that same consolidation in $BRN. It's interesting how it's holding that 1.04-1.05 level, which does suggest some underlying strength. Are you seeing any particular volume patterns that might hint at a breakout direction?