Buru Energy Ord Shs V.BRU.H

Primary Symbol: BRNGF

Energy Oil & Gas E&P

Buru Energy Limited is an Australia-based diversified energy company focused on exploration and production of hydrocarbon and non-hydrocarbon energy resources in Australia. The Company’s petroleum assets and tenements are located onshore in the Canning Basin in the southwest Kimberley region of Western Australia. In the Kimberley, it owns and operates 100% of the conventional Ungani Oilfield project and the conventional gas condensate discovery at Rafael 1. The Ungani Oilfield is located approximately 90 kilometers east of Broome and includes six production wells and associated production facilities. It also operates a Canning Basin wide portfolio of exploration permits and licenses for prospective conventional and unconventional resources with working interests ranging from 60% to 100%. It owns over 22,500 square kilometers (km2) of permits, including 100% of EP 129, EP 391, EP428, EP431 and EP 436, and 60% of the EP 457 and EP 458 permits it shares with Rey Resources Ltd.

OTCPK:BRNGF - Post by User

Buru Energy Ord Shs

Bullboard Posts

Post by TAPickson Dec 01, 2010 11:06pm

564 Views

Post# 17787405

Bullish Pennant

Bolero Recourses has posted a confirmed breakout of a Bullish Pennant Pattern today with above average volume. The pattern is a continuation pattern occurring after a large increase in price. The chart clearly shows the increase in price and bounce off the trend line. Now, as I think this is indeed a Bullish Pennant breaking out it could actually be a Bullish Rectangle Pattern with a slant on it. In either case, the result of both patterns is a drastic increase in price. In the case of the Bullish Pennant, the measured move is the width of the opening of the Pennant. In this case it would be a move of
.53 -
.355 or
.175 cents placing the target price at
.625 (
.45 +
.175) for gains of 38.8% from the breakout price of
.45.

If it is forming a Bullish Rectangle Pattern, you would want to see high volume at the resistance level of
.52 as it breaks out of the formation. If there's hesitation at that price level, consider selling your position and re-evaluating, or holding with a stop loss price at
.49.

Patterns and formations is what makes Technical Analysis such a great way to invest in the market place and that is the reason why I created a series of Chart Pattern Flash Cards to help you identify these pattern and trade then successfully. Each of the 20 cards in the set includes a commentary on the pattern, its success rate, the duration and expected volume of the pattern and tips on how to trade the pattern. A must for any Technical Analyst who wants to take full advantage of chart patterns and trade them properly.

See chart here and other weekly picks here.

Cheers and Happy Trading!