To preface, I don't have a position in BB but I gotta say its risk / reward is starting to look beautiful. BB is approaching long term support, about to touch the trend line its held nicely above since Nov 2020. Three resounding touch points so far with 3 raging hulk dildos bouncing off of support.
If it does hit support in about a week, that's a price of $10 (~5% below currently levels). If we look at the historical bounces it has made after hitting support, we get:
- 113% move up in 20 trading days, from the Nov support to the Dec local high
- 155% move up in 14 trading days from June support to June's local high
- 27% move up in 8 trading days from August support to September's local high
Needless to say, every time BB has touched the long term support line, a fat, juicy rip to the upside has followed it. BB is very close to support, and history suggests that this means a big bounce up is coming.
What is the catalyst? Well tbh I don't have enough knowledge about BB to make a good guess, so if anyone can fill me in here, would be great. My guess though is an earnings run up should trigger the bounce, and whatever amazing BB fundamentals BB has to announce will cause the 🚀🚀 🚀
Thoughts? Suggestions? Should I ape in?
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