BRCC Stock Price Prediction: Will BRCC come out of its consolidation phase?

• BRCC stock price has been caged inside an interesting horizontal range-bound area over the daily trading chart.
• BRCC share price increased 1.79% during Friday’s trading session with an opening price of $6.78 and a closing price of $6.37.
• BRCC stock price is trading below 20, 50, 100, and 200-Day EMA.

BRC Inc. (NYSE: BRCC) stock price was at $6.25 with a rise of 1.79% on Friday’s trading session. The trading volume remained below average in Friday’s trading session. The formation of a shooting star or inverted hammer candlestick pattern over the daily trading chart indicates that buyers are putting pressure on the market. It warns that there could be a price reversal following a bearish trend. The bulls were trying to price up which can be seen by the long upper shadow. Both bulls and bears were trying to gain the upper hand over the other and hence the session ended with the opening price and closing price of the stock being close to each other as shown by the small body of the candlestick over the daily trading chart.

BRCC stock price after falling below its primary support of $8.19 the stock started gaining support from the buyers causing its move upwards breaking its primary support and resistance touching its 200-Day EMA. But after the formation of a bearish engulfing candlestick pattern over the daily trading chart, sellers took over the stock in the market pushing the stock below its primary support of $8.19. After that, the stock entered its consolidation phase in October 2022. This indicates that sellers controlled the market near the end of 2022 which can be seen on the daily chart as the stock is mostly trading below 20-Days EMA.

In Monday’s trading session, the stock may get support from bulls which can result in the formation of a bullish candlestick. If bulls can push themselves then the stock may break out from its consolidation phase.

More About BRC Inc. (NYSE: BRCC):

BRC Inc. and its subsidiaries engage in the purchase, roasting, and sale of coffee, coffee accessories, and branded apparel. The company also creates media content, including podcasts and digital and print journals, and offers coffee brewing equipment and outdoor and lifestyle gear. BRC Inc. is committed to supporting the active military, veterans, and first responders.

BRC Inc. distributes its products through a variety of channels, including convenience, grocery, drug, and mass merchandise stores, as well as outdoor, do-it-yourself, and lifestyle retailers. The company also operates its own retail coffee shops under the Black Rifle Coffee brand, both through company-owned locations and franchised outlets, and sells its products online through e-commerce. BRC Inc. was founded in 2014 and has its headquarters in Salt Lake City, Utah.

BRC Inc. (NYSE: BRCC) Stock Price Technical Analysis:

According to technical indicators, BRCC stock price may show a downward movement. RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing BRCC downwards. 

This shows the strength of the current bearish trend. The current value of RSI is 41.15 which is below the average RSI value of 51.37. The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Summary

BRC Inc. (NYSE: BRCC) stock price was at $6.25 with a rise of 1.79% on Friday’s trading session. The trading volume remained below average in Friday’s trading session. The sellers controlled the market near the end of 2022 which can be seen on the daily chart as the stock is mostly trading below 20-Days EMA. RSI is decreasing in the oversold zone and is showing a negative crossover and MACD and the signal line is decreasing but not showing a definitive crossover, as per the technical indicators.

Technical Levels

Support Levels: $9.92 and $12.39

Resistance Levels: $8.19 and $5.79

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 stocks 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.

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