BSM (Black Stone Minerals) breaks out of micro pennant (BULL)NYSE:BSM breaks out of it's micro pennant here recently, and is headed towards $16.60. With increased price targets from analysts, financials doing well, and earnings on the rise, I expect that this stock will do well to see previous floors once again. $16.60 is easily doable by the end of April, with more to come after a bit of bouncing around.
BSM trade ideas
BSM daily - possible bullish moveBSM daily - is on side of the falling wedge pattern which is a very bullish pattern . The last several days' volume decreased while we are at BigRed (200 days MA) which indicates a strong move.
BSM is below all major MA, while volume is pretty low the last few days.
RSI is neutral with slight bullish divergence , meaning price is falling while relative strength is not what is a very bullish indicator.
MACD is oversold, the MACD histogram is ticking smaller and smaller red ticks while the MACD line is trying to cross the signal line which could signal a strong move bullish move.
Overall: BSM is bullish fundamental stock and that is why I would trade it only on the upside. Be aware tomorrow is the CPI report so strong moves are likely. Closing day above the blue upper dotted line would trigger a long position with stop loss below today's low.
Black Stone Minerals gaining density. BSMImmediate targets 10, 9.7. Invalidation at 14.62.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
Black Stone Minerals out of Resources. BSMImmediate targets 10.87, 10.37 1nd 9.7. Invalidation at 14.62 .
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
US Stock In Play: $BSM (Black Stone Minerals LP)$BSM currently post a February 2021 return of +15.65%, upon the breakout of a 2 weeks indecision price action in January. It has now attempted a 52-weeks high closing on three occasion over the past 7 trading session, closing today at $9.69 (+2.54%).
At the current junction, $BSM has rebounded from its 20DMA reflecting short term technical strength at $9.20 support level. The current minor downtrend channel plotted shall be perceived as a bullish consolidation phase, with breakout of the channel poised to infuse further acceleration of share price from $10 resistance level.
$BSM was founded in 1876 and owns & manages oil and natural gas mineral interests.