Liberty Energy (LBRT) – Potential Triple Bottom Formation [LONG]Liberty Energy (LBRT) appears to be forming a textbook triple bottom pattern on the daily chart, signaling a potential reversal from its recent downtrend. This bullish formation is characterized by three distinct lows around the $16.50 level, showcasing strong support at this price range.
Key Observations:
Support Zone: The $16.50 level has held firm as support on three occasions, rejecting further downside and indicating potential buyer accumulation.
Volume Analysis: Increasing volume on rebounds from the support level suggests growing bullish momentum.
Breakout Potential: A breakout above $18.65 (the neckline resistance) could confirm the triple bottom pattern and signal the start of a strong upward move.
Technical Indicators: The RSI is trending upward from oversold territory, hinting at a possible bullish divergence. Meanwhile, MACD is approaching a bullish crossover.
Target Price: If confirmed, the measured move projects a price target of $23.60, based on the height of the pattern.
Disclaimer: This is not financial advice. Conduct your own research and consider your risk tolerance before entering any trade.