- NYSE:BRCC stock price is no longer for short-term trading purposes.
- Shares of BRCC closed below $6.7, down 6.7 percent on Wednesday.
- Buyers are waiting for a retest of the $6.0 level to deposit the share price.
NYSE: BRC Inc. – The share price of BRCC declined last night in the presence of buyers. In the stock market you need to understand technical analysis but also fundamental analysis. Unlike cryptocurrency, the stock market prefers fundamental analysis to a long-term outlook. Only a few people do a good match of both technical or fundamental analysis before making a big move.
The same thing happened with the share price of BRCC. According to technical analysis, it is looking extremely weak since its yearly high. In contrast, the previous quarter, June 2022, had a slightly better result for investors as cash and short-term investments grew by 320 per cent. Also, total assets exceed total liabilities.
Coming to the Technical Analysis of BRCC Stock
The S&P 500 and Nasdaq closed in the red on Tuesday, marking the second bearish run this week. The Nasdaq was down 1.1%, with the S&P 500 0.63% in the red. Due to the volatile behavior of the global market, buyers are avoiding creating any new long positions in the index or stock.
The profit booking in BRCC stock price brought unsustainability, in fact at top level on-one was able to maintain assets. Hence, asset price is underperforming so far. At the time of writing, BRCC stock price is at the $6.68 mark along with a 1.62% price drop on Tuesday. Amid downtrend, given shere value is headed towards the $6.0 support level.
The RSI indicator is standing at 32 Mark. indicator shows more dontrend in BRCC stock price as the extreme oversold zone is not far from the current price. In addition, the MACD indicator extends lower to the neutral zone.
Conclusion
Due to weak global market sentiments, buyers have stopped pulling money in stock in heavy quantities. Unfortunately, BRCC stock is suffering from the same situation, price is looking close to the $6.0 support level. And technical indicators suggest more bearishness in assets.
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.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2022/10/13/brcc-stock-is-in-bears-control-shareholders-lost-14-1-last-week/