Bonanza Creek Energy (BCEI)
By Thu, May 27, 2021
Today’s Chart of the Week is a $1.2 billion company breaking out to the upside.
Bonanza Creek Energy (BCEI) has been pushing against that $40 level since 2017.
This beautiful base has been building for years now and looks ready to break out to the upside.
So long as we’re above the $40 level, we are long.
Below that, I still don’t consider it a breakout.
But once we are above that $40 level, we are long and riding it to $63.
That’s more than 50% profit with extremely limited risk, just the way we like.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
