Liberty Energy [LONG]
The weekly chart for Liberty Energy ( 
LBRT) shows strong momentum as the price has successfully broken out of the triple bottom pattern and is nearing the overbought zone on the RSI.
Observations and Continuation:
As the price remains within an ascending channel, there is a potential to test the upper channel resistance, which aligns near the $25-$26 range.
However, with RSI trending into the overbought zone, there could be short-term consolidation or a pullback before further continuation. It is therefore prudent to watch out for signs of divergence that could signal a reversal scenario.
Key Levels to Watch:
Resistance: The upper channel boundary near $26.
Support: Price levels around $19 could act as a safety net if the price retraces.
Caution is warranted as the stock approaches the overbought region, historically suggesting reduced momentum or a potential pullback. Watch for trends in volume.
Bullish Scenario: A breakout above $26 could lead to a stronger rally, potentially targeting higher levels around $28-$30.
Bearish Scenario: Failure to sustain above $23.60 might signal consolidation or a test of the $20.50-$21.00 region.
Disclaimer: This is not financial advice. Conduct your own research and consider your risk tolerance before entering any trade.
LBRT) shows strong momentum as the price has successfully broken out of the triple bottom pattern and is nearing the overbought zone on the RSI.Observations and Continuation:
As the price remains within an ascending channel, there is a potential to test the upper channel resistance, which aligns near the $25-$26 range.
However, with RSI trending into the overbought zone, there could be short-term consolidation or a pullback before further continuation. It is therefore prudent to watch out for signs of divergence that could signal a reversal scenario.
Key Levels to Watch:
Resistance: The upper channel boundary near $26.
Support: Price levels around $19 could act as a safety net if the price retraces.
Caution is warranted as the stock approaches the overbought region, historically suggesting reduced momentum or a potential pullback. Watch for trends in volume.
Bullish Scenario: A breakout above $26 could lead to a stronger rally, potentially targeting higher levels around $28-$30.
Bearish Scenario: Failure to sustain above $23.60 might signal consolidation or a test of the $20.50-$21.00 region.
Disclaimer: This is not financial advice. Conduct your own research and consider your risk tolerance before entering any trade.
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