$BIRB rose 83.5% in 24 hours: it’s taking off; watch for a pullback next
The high-volume breakout has now been confirmed by a full-session close, making the evidence for an uptrend more convincing. Trading volume was clearly above its recent average, and the close moved above the previous range’s upper boundary. The latest quote remains above it, giving the short-term bullish view a solid basis.
However, the price has moved far above its moving averages, and volatility is high, so it’s still too soon to assume the strength will turn into sustained acceleration. If a subsequent full-session close falls back into the previous range, the case for a continued breakout will weaken. If the price stays above the upper boundary, the strength will have passed the test.
Watchlist: range low 0.06489; range high 0.07762; closing prices and trading volume beyond the boundaries.
#MarketWatch
Disclosure: This article participates in content mining on the Square and may earn trading commissions and engagement rewards.
The high-volume breakout has now been confirmed by a full-session close, making the evidence for an uptrend more convincing. Trading volume was clearly above its recent average, and the close moved above the previous range’s upper boundary. The latest quote remains above it, giving the short-term bullish view a solid basis.
However, the price has moved far above its moving averages, and volatility is high, so it’s still too soon to assume the strength will turn into sustained acceleration. If a subsequent full-session close falls back into the previous range, the case for a continued breakout will weaken. If the price stays above the upper boundary, the strength will have passed the test.
Watchlist: range low 0.06489; range high 0.07762; closing prices and trading volume beyond the boundaries.
#MarketWatch
Disclosure: This article participates in content mining on the Square and may earn trading commissions and engagement rewards.