Watch $BRZE to blaze a path to the highs – February 8, 2024
This is Scott with your Chart of the Day. I want to take a look at Braze ( NASDAQ: BRZE ).
Braze ( NASDAQ: BRZE ) is in a really nice pattern. We’ve seen a lot of breakouts recently, and a lot of stocks that are extended well above all the major moving averages. And while Braze ( NASDAQ: BRZE ) is a bit high above that 50-day moving average, it isn’t as extended as most and it just broke over a bit of a pivot here today.
You can see this level of resistance that it hit right there, right in December. And now it just tapped up against that level again, and did it today on pretty good volume. It doesn’t trade a ton, it trades less than a million on average.
My thought is, since this is a recent IPO, “recentish” I guess, in 2021, it looks like a potential retest of the highs could be in order, as it shifted its trend midway through 2023. I want to see if Braze ( NASDAQ: BRZE ) can blaze a path to test some of these previous resistance levels like around 65.00 or up here at around 82.00. Or even the all-time high, what Dan Fitzpatrick calls the enthusiasm high, of its IPO right around that 95.00 level.
Now, what I would expect from this is probably not a straight shot, but maybe a bit of a choppy move, through up until something like that. That would be at least in line with what it’s been doing the last couple of months.
While that’s not guaranteed, I am looking for a move, through at least $59.00 on volume for a potential retest of this $65.00 high in the short term. So I’m going to set an alert here on my software, right around that $59.00 level, and look for a strong move through, coming on volume.
If you miss this, if you miss the breakout that’s okay, you probably would then just want to wait for a bit of a buyable pullback to either the 8 or the 21-day EMA.
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