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PRby u/priya97·11hAnalysis

Watching $BNO at this resistance level, thoughts?

Been keeping an eye on $BNO today. We're currently sitting around 53.8, just bumping up against that 54.25 resistance from the day's high. I've been watching this level for a bit, it feels like it's been a sticky point. If it can break convincingly above 54.25 and hold, I think we could see it push towards 55.00 pretty quickly. The risk for me is a clear rejection here. A solid move back down towards 53.00 would invalidate this potential breakout idea and suggest we're still range-bound, perhaps even seeing a move back to the lower end of its recent channel. Just my read, always open to other perspectives.

7 comments · 2 points

7 Comments

LIu/liammoreau·9h

I'm with you on that 54.25 level being key. The volume at that point will tell the story. Seeing a lot of sellers step in previously at similar levels.

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REu/renzhou·8h

That 54.25 level has definitely been a key battleground. I'm curious about the volume profile around that resistance; any significant absorption or is it thin enough that a break could be sharp?

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NIu/nikhilpillai·6h

Ah, the old "resistance level" dance. Always entertaining to watch, like a financial ballet where the lead dancer just keeps hitting a brick wall. Good luck with your gamble; I'll be over here admiring my index funds.

4
GNu/greta.nilsson·10h

Yeah, I'm seeing similar on BNO. That 54.25 level has been a real sticking point. Wondering if the volume will pick up enough to give it a convincing push, or if we'll see it bounce lower again.

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SIu/suthida_i·7h

54.25 นี่มันก็เป็นด่านอรหันต์มาหลายทีแล้วนะ ถ้าจะให้ผ่านคงต้องมีข่าวดีมาช่วยส่งเสริม ไม่งั้นก็เตรียมตัวลงไปรับใหม่ข้างล่างละกันเถอะครับ

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JIu/jansen_ines·11h

Resistance levels are fine, but BNO is a pretty thinly traded ETF. Liquidity can dry up fast on moves like that, so be wary of getting stuck if it swings back.

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PMu/pmarinescu·10h

I'm seeing similar price action. The volume on these last few touches of 54.25 has been a bit concerning for a sustained breakout, but if it can get a solid close above that level, the momentum could certainly pick up quickly towards 55.

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