Short Term BUY for CCW
Updated
Observations for Aug 24, 2018
- price didn't hold down at .58 towards the end of day and came back to .65 which was a previous recent low from Aug 2, 8, and 9.
- Day Stoch RSI is at it's bottom
- the last hour on Aug 24 is a solid green candle
- the last three 30 minute candles on Aug 24 show a bullish Morning Star signal
- the 30 minute chart also shows a bottoming and reversal of the Stoch RSI, RSI and MACD
- volume was high on Aug 24 - possible after news item about new drilling
- price should be about .75 on Day MA
Despite the stock price levelling off in the past few weeks, and looking like it is starting to correct, I believe that a short term play this coming week could work even if a continued long term play is not viable.
- price didn't hold down at .58 towards the end of day and came back to .65 which was a previous recent low from Aug 2, 8, and 9.
- Day Stoch RSI is at it's bottom
- the last hour on Aug 24 is a solid green candle
- the last three 30 minute candles on Aug 24 show a bullish Morning Star signal
- the 30 minute chart also shows a bottoming and reversal of the Stoch RSI, RSI and MACD
- volume was high on Aug 24 - possible after news item about new drilling
- price should be about .75 on Day MA
Despite the stock price levelling off in the past few weeks, and looking like it is starting to correct, I believe that a short term play this coming week could work even if a continued long term play is not viable.
Note
Today, the price went down from the open of .65 and then came back up to .65 at the end of the day forming a Dragonfly Doji candlestick pattern on the day chart. Another bullish signal. "A Dragonfly Doji pattern is a relatively difficult candlestick pattern to find, but when it is found within a defined trend, it is often considered a reliable signal that the trend is about to change direction. Often times, traders realize that the price was sold down to unjustifiably low levels so they send the price back up to where the stock opened. The close near the day's open suggests that demand is again starting to outweigh supply moving forward."
Note
I read all this now and it's somewhat laughable. I've learned a lot in the year since I posted this.
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