Long
CDEV: Cup and Handle Breakout Confirmed
Updated
NASDAQ:CDEV
This is not financial advice. Just a swing at charting and ideas.
On 4/28, we see the right of the cup. The handle leveled off over the next seven days. Following CDEV's after-market earnings report, on 5/5 the volume spiked and there was a $0.61 gain from previous close price to a high of $4.86.
Price target is $5.50.
If the bullish trend continues we could see another cup formation. Considering the spread of the prior advance (Nov 2020-Mar 2021), the pullback and subsequent [continuing] rise of the new cup; these are healthy indicators priming CDEV to retest the previous high of $6.24.
This is not financial advice. Just a swing at charting and ideas.
On 4/28, we see the right of the cup. The handle leveled off over the next seven days. Following CDEV's after-market earnings report, on 5/5 the volume spiked and there was a $0.61 gain from previous close price to a high of $4.86.
Price target is $5.50.
If the bullish trend continues we could see another cup formation. Considering the spread of the prior advance (Nov 2020-Mar 2021), the pullback and subsequent [continuing] rise of the new cup; these are healthy indicators priming CDEV to retest the previous high of $6.24.
Trade closed: target reached
The idea of a larger cup formation didn't pan out, but CDEV continued it's uptrend (wave 3). It reached the target price of $6.24 around June 4th-7th and then for about two weeks it tested the $7.00 resistance. Today, it broke through that line and reached a high of $7.58, closing at $7.04.
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