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- NYSE: BRCC share price is trading near its 52-week low again.
- This week the buyers successfully maintained the weekly price close above the 20 day moving average.
- Over the weekend, BRC Inc price closed with a 3.2% intraday gain at $7.10.
Wall Street started the weekend with a soft rally. The global market turned green on Friday after a slightly sensitive market position. Last night, investors were happy to see the S&P 500, Nasdaq and Dow Jones in the green over 1.2%. This positive price close gave a positive outlook for the bulls.
NYSE: BRCC’s stock price has been underperforming since late August. Price action formation was suggesting selling on the rise under a descending parallel channel before the latest 52-week low. Also, BRC Inc investors are in trouble and are losing around 33% if they bought shere before 12 months.
BRCC stock price seems to be in recovery mode after registering the all-time low at $5.82 mark on 19 October. This lowest level flipped into the vital support level so far. Amid higher-low price patterns during recovery, buyers are shifting the low to the upside. Undoubtedly, asset price has not overcome selling pressure so far but these bullish attempts may help bulls to propel value until conceptual round level of $10.
Although trading volume was low in the letter of friday. Last night trading volume was 218.9K, below the average trading volume. Nevertheless, This week buyers successfully maintain weekly price closing above the 20 day moving average. Over the daily price scale, 20 DMA has a pivotal support for the short term.
The $10 conceptual round is the next selling point if buyers break the previous swing high. However, the RSI indicator shows weak strength in BRCC stock price as it remains at the semi-line (50 points). The MACD is out of negative territory in the context of the daily price scale.
Conclusion
NYSE: BRCC stock price supports the 20 day moving average. This is the last hope of buyers if they want to keep themselves away from big sales. Meanwhile, the $6.0 level declined to a key support level.
Support level – $6.0 and $5.0
Resistance level – $10 and $15
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
