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BRCC stock price defends $5.00 support, breaking previous week’s high. - 2
BRC Inc. stock (NYSE: BRCC) trading below the 50 and 200 day EMA showcase downtrend. - 3
Black Rifle Coffee Company stock price fell 22.82% in March 2023.
BRCC stock price hits new 52 week low at $4.86 and is down by 22.82% (approx.) in the previous month. BRC Inc. stock is trading below the 50 and 200 day EMA showcasing a downtrend. However, the prices are far away from the EMAs and the buyers might try to pull back from the lower levels.
Black Rifle Coffee Company stock (NYSE: BRCC) dropped below its 6-month consolidation range. However, the prices halted near $5.00 and entered into a narrow range of consolidation.
BRCC stock price closed the previous session at $5.29 with an intraday rise of 2.92% with market cap ratio at $1.12 billion. At the beginning of March, BRCC stock price struggled near $6.00 and failed to climb above the 50 day EMA and dropped below the lower range. Meanwhile, it also witnessed a massive spike in the selling volume indicating some genuine investors have exited from the higher levels.
Will BRCC Stock Price Rebound?
BRCC stock price managed to defend the $5.00 support and consolidated for a few days which can be interpreted as a short term base. Recently, the BRC Inc. (NYSE: BRCC) stock price showed some upward momentum, creating hopes for a relief rally. Moreover, if a relief rally is triggered, then BRCC share price might reach the $6.00 mark which is 14% higher than the current levels.
BRCC price: Technical Outlook
Technical analysis suggests BRCC stock is in a downtrend and the probability of a sharp rebound remains low. BRCC stock price formed a bullish hammer candle on a weekly timeframe showing bulls are trying to recover its previous losses. However, the price action is still bearish and sustainability of the upside momentum is doubtful. The MACD had generated a fresh positive crossover indicating mild bullishness. The RSI at 41 reversed upward from the oversold zone and might try to strike the neutral territory.
Conclusion
BRCC stock price is in a downtrend and witnessed massive selling in the previous month. BRC Inc. (NYSE: BRCC) stock hit a fresh 52-week low and is trying to defend the $5.00 level. Technical analysis suggests BRCC share price is in the bears’ grip and that the probability of a sharp rebound is low.
Technical levels
Resistance levels : $6.00 and $8.00
Support levels : $4.84 and $4.50
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.
Source: https://www.thecoinrepublic.com/2023/04/04/brcc-stock-will-brcc-stock-price-take-a-u-turn-from-5-00/