This has been a favorite stock through the years and now its chart appears to be screaming buy for a medium- to long-term play on a potential bottom in natural gas and a bet on management.
Starting out with BBG’s 60-minute chart above, it is showing a nice Inverse Head and Shoulders pattern that confirms at $16.61 for a target of $17.80 while its daily chart is showing a decent and near-term Falling Wedge that will take BBG back above its 50 DMA if it confirms safely at $18.86 for a target of $24.90 and a potential gain of about 50% from current levels.
Truly compelling, though, is BBG’s long-term weekly chart that shows a truly incredible and very well-formed Falling Wedge that is pretty similar to its last successful Falling Wedge with this one looking even stronger.
So long as BBG holds $15.42 in the near-term, its multi-month Falling Wedge that confirms at $25 for a target of $52 should be taken very seriously.
It is for all of these technical aspects that BBG stands out as THE buy in the natural gas space.