$BAR Is nearing a breakout from a falling wedge on the daily and weekly timeframes. A confirmed breakout could target $4.26, $6.46, and $10.10 (up to 450% upside).
BAR was testing the resistance of a descending triangle on the daily chart, with potential targets at $2.31, $2.70, and $3.05 (50% gain potential) if the breakout is confirmed.
Key Technical Indicators
Moving Averages (MAs):
50-day SMA: As of April 9, 2025, the 50-day SMA was $1.74, projected to reach $1.62 by May 8, 2025, indicating short-term downward pressure.
200-day SMA: Expected to rise to $1.90 by May 8, 2025, suggesting potential long-term strength.
Trend: BAR is trading below both the 50-day and 200-day SMAs, reinforcing a bearish trend. A crossover above the 50-day SMA ($1.74) would signal a potential bullish shift.
Relative Strength Index (RSI):
As of April 9, 2025, the RSI was 41.16, indicating a neutral market state, neither oversold (below 30) nor overbought (above 70).
An RSI closer to 50 suggests consolidation, but a move above 50 could align with the bullish breakout patterns.
Support and Resistance Levels (based on March 7, 2025 data and recent price action):
Support: $1.641162 (strongest), $1.681783, $1.707808. A rebound from $1.56, which may act as a new short-term support.
Resistance: $1.774453, $1.815074, $1.841099. Indicate resistance testing at $1.93 and higher targets at $2.31, $2.70, and $3.05 if a breakout occurs.
Bearish Case: If BAR fails to break $1.774453, it could retest support at $1.641162 or $1.56, aligning with a forecasted 7.61% drop to $1.50 by April 16, 2025.
Bullish Case: A confirmed breakout above $1.774453 could push BAR toward $1.93, $2.31, or $2.70.
Not Financial Advice, DYOR!!