BRCC Stock Rising From Ashes, Targets $5?
BRCC stock price is surging with an upside trend from the lowest level and may recover from the $5 mark to initiate its recovery phase. Meanwhile, buyers need to accumulate in order to recover from the lower levels and maintain their recovery while sustaining the $5 resistance. However, BRC share price tried to sustain at the $4.85 mark but failed and slipped again towards the $4.04 support. But this time, BRC shares look pretty confident to register their breakout from the $4.85 neckline.
For BRCC stock price to reach the $4.85 resistance it must accumulate more buyers to maintain its recovery phase and sustain at the $4.85 resistance. However, sellers may contradict the circumstances for BRC shares during Monday’s trading session.
BRC stock price was at $4.66 and has gained 3.10% of its market capitalization during Friday’s trading session. However, trading volume was below average and needs to grow during Monday’s trading session.
Will BRCC Stock Reach The Neckline?
BRCC share price is trying to recover and reach the $4.85 neckline to maintain its recovery towards the $5.00 mark. However, sellers may interrupt the trade for BRCC shares and may try for a pullback. Volume change can be seen below average and news to grow during Monday’s trading session. This declining volume hints towards the lower accumulation rate of buyers which can be easily opposed by sellers.
The following data showcases that BRC shares are getting back on the recovery track. BRC stock price has gained 12.56% in a week and 10.69% in a month. However, in the long run, BRC shares struggled a bit. BRC share price declined around 18.53% in the last three months and 25.56% in the last six months. Moreover, 2023 has not been that good for BRC shares till now as it has lost around 24.84% year to date.
Technical indicators suggest the upside trend of BRCC stock price. The relative strength index and moving average convergence divergence both confirm the upward velocity of BRC shares.
RSI was at 57 and is heading towards the overbought territory. The MACD line is above the signal line after a positive crossover. Investors in BRC Inc (NYSE: BRCC) need to wait until the BRCC stock price approaches the $4.85 neckline.
Summary
BRC stock price is surging with an upside trend from the lowest level and may recover from the $5 mark to initiate its recovery phase. For BRCC stock price to reach the $4.85 resistance it must accumulate more buyers to maintain its recovery phase and sustain at the $4.85 resistance. However, in the long run, BRC shares struggled a bit. BRC share price declined around 18.53% in the last three months and 25.56% in the last six months. Technical indicators suggest the upside trend of BRC shares price.
Technical Levels
Support Levels: $4.35 and $4.05
Resistance Levels: $4.85 and $5.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
