Bonanza Creek Energy (BCEI)
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,
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