BRCC Stock Price Forecast: Will BRC Inc. Hit the $10 Mark?
BRCC stock price is in a bearish momentum making lower low structures for a long time. However, BRCC buyers looked aggressive in the past session and broke the 20 Ema resistance. Recently it got a rejection from the upper trendline at a level of $5.
BRCC stock price gave a negative return to its investors throughout the year. Since the beginning of the year, BRCC stock has given an adverse return of -30.16% and it gave a negative return of -36.97% in a span of 6 months. Additionally, the stock maintained its bearish momentum in the previous 3 months by giving -20.84 returns. Furthermore last month it started to take a break and gave -5.25% returns and flipped the scenario this week by giving a positive return of 5.35. We can say that buyer presence is seen in the stock in recent times.
When we take a look at the recent Q2 23 Earnings of the company, BRC Inc. reported a revenue of 91.95 Million with a net income of -4.23 Million and a profit margin is -4.60%. However, losses were reduced and revenue was increased when we compared it to Q2 23.
Furthermore, the intraday trading volume was 687.434K and the market cap of BRCC stock was 919.372 Million. The company does not pay any dividends to its investors. The company has a price-to-earnings ratio of 0% with a basic EPS of -0.33. Presently 59.18 Million floating stocks are in the market.
What Technical Chart Depicts About The BRCC Stock Price?
Source: Trading view
Currently, the BRCC stock price is trading in a downward channel by making lower low structures but the trend currently taking a pause, and bulls trying to rebound from this level. At the time of writing, the BRCC stock price is trading beyond the 50, 100, and 200 moving averages indicating sellers’ influence on the stock price. EMAs show the trend is in the control of bears and they are not in the mood to slip this control over the bulls easily.
The MACD indicator is heading toward a bullish trajectory where the MACD line is at -0.1426 above the signal line (-0.1671). However, MACD is heading upward and the green histogram indicates bullishness in the BRCC stock price.
The RSI is heading toward a positive trajectory indicating bullishness. However, the RSI line (47.92) is below the median line and the 14 SMA line (40.26) shows an upcoming bullishness in the trend.
Furthermore, 9 analysts gave their rating for 3 months in which the maximum weightage is on the buy side.
Conclusion
BRC Inc. (BRCC: NYSE) stock price is showing the power of bulls in previous sessions. However, the price took a pause in a few previous trading sessions and showed the presence of bulls. Most widely used indicators like MACD, RSI, and EMAs show mild bullishness in the trend.
Technical Support and Resistance level
Support levels: S1 = $4.25 and S2 = $3.91
Resistance levels: R1 = $5.04 and R2 = $5.50.
Disclaimer
The research delivered in this article is for informative and educational purposes only. Do not depend on this information as financial, investment, or trading recommendations. Investing and trading involve risk. Please consider your circumstances and risk forbearance before making any investment conclusions.
