Cineplex: Daily Inverse H&S
Updated
Looks like Cineplex is attempting to break out of the blue resistance - There is an inverse H & S pattern occurring on Cineplex on the daily. I posted mid-October that Cineplex has been consolidating near $5, now it has more than doubled since then. Target from this pattern is going to be around $17. Some events that will help cineplex bust through this pattern:
1) Wall Street Bets coming onboard - It's crazy out there and WSB has been influencing the market in a way that I've never seen before. Not likely though, but
CGX has benefited from AMC going through the roof today.
2) Additional/consistent vaccine roll-out.
3) Easing of lockdowns
Some events that will slow down cineplex:
1) Prolonged lockdowns
2) Significant Vaccine delays
1) Wall Street Bets coming onboard - It's crazy out there and WSB has been influencing the market in a way that I've never seen before. Not likely though, but
CGX has benefited from AMC going through the roof today. 2) Additional/consistent vaccine roll-out.
3) Easing of lockdowns
Some events that will slow down cineplex:
1) Prolonged lockdowns
2) Significant Vaccine delays
Trade active
Looking great so far, retesting the shoulder level.
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