"This chart of BWLD suggests it will retest the $140-$120 support area. BWLD broke down below its 40-week moving average. The On-Balance-Volume line is weakening on this timeframe, and the Moving Average Convergence Divergence oscillator is making a bearish cross from a lower high than vs. the price pattern. A fair amount of repair work is needed before BWLD looks better on the chart."
Since February, BWLD has seen a number of tests of the $140 to $120 area. Prices have surged to the upside in recent days.
In this daily chart of BWLD, above, we can see how prices have soared recently. BWLD has rallied over the 50-day and the 200-day moving averages. The On-Balance-Volume (OBV) line has recently turned higher. Prices have broken over the June high and are retesting the March highs.
In this weekly chart of BWLD, above, we can see it has rallied to test the 40-week moving average line. The OBV line is pointed down since September and suggests sellers have been more aggressive. Momentum has been foreshadowing a rally with higher momentum readings vs. the lower price action. A close above $170 will strengthen the chart picture.