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- 1 BRCC stock price hints at price reversal after taking primary support.
- 2 Black Rifle Coffee Company launches St. Patrick’s Day edition coffee flavors.
- 3 BRCC stock price tests support; forms new high for 2023.
BRCC stock price movement has been under bearish influence for the past couple of weeks and is hinting at a possible price reversal, marking new highs for 2023.
Black Rifle Coffee Company has faced the downturn since mid-Feb and shed 27.36% since. In order to break the falling pattern, the company is trying to make amends and come up with several limited edition coffee bundles and merchandise.
BRCC stock price moved sideways over the last few months, and witnessed a spike. The high in the BRCC stock price was followed by selling action, setting the new support near $5.78. The market on the other side seems contained and shows minimal volatility.
BRCC stock price can form a rally taking support of the new edition dedicated to the St. Patrik’s day. The Irish cream flavored coffee is among the ones that is in high demand this year, but since it’s limited edition, Black Rifle Coffee Company may use it to lure both, coffee lovers and coffee investors.
Black Rifle Coffee Company to roll out revenue report
Black Rifle Coffee Company is set to roll out their revenue report of the period ending Dec’22. The report scheduled for release on Wednesday can trigger mixed expectations among watchers. The last four releases had negative gaps, further pushing the BRCC stock price into downtrend.
If the scheduled report is positive, BRCC stock price is likely to rise. The estimates for earnings are set at negative $0.069, and for revenue at $92.372 million. Even if the set estimate is achieved, it can give BRCC stock price a lift. Although the negative gap has been declining for the past two quarters, the shareholders still await a positive revenue report.
Black Rifle Coffee Company is a veteran-controlled and led coffee and media company. The consumer base consists of hard-core coffee lovers and are excited for their coffee bundles and merch. On the other side, the investors leave BRCC to hang out to dry, as they see minimal opportunity for growth in the consumer goods. Moreover, BRCC stock price’s poor performance reinforces their sentiments and further pushes investors out of the market.
BRCC Stock Price Action
BRCC stock price has formed a falling pattern and extended the consolidation phase. The current price action shows reversal from the support $5.78. BRCC stock price can rally near $7.30, breaching the initial levels of retracement. If the rally is strong enough, it may even aim for $8.00.
BRCC stock price shed about 28%, after reaching the secondary resistance. The MACD shows lines nearing a convergence and hints at a possibility of forming a negative cross. It also records descending seller bars. RSI went flat near the 40 range, after falling from the ceiling range. This movement may soon transform to buyer-dominant, as prices may rally.
Conclusion
BRCC stock price has begun to break its long-formed consolidation phase. The price action sets a target near $8.00, forming a new high for 2023. Holders of BRCC stock can rely on the support $5.78, and track the retracement levels for the price rally. The possible price rally can face resistance near $7.30, after cracking initial levels of retracement.
Technical levels
Support levels: $5.78 and $5.50
Resistance levels: $7.30 and $8.00
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 assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
