CNK has room to go down | Week #50
It started with Trolls World Tour by Universal Pictures then Mulan by Disney and now recent announcement by Warner Bros. to release all of their 2021 movies on HBO including WW1984 on 12/25/2020 calls for attention to figure out what's the future of cinema theater industry. CNK has started negative trend in MACD on 12/03/20. Via observations I can suggest that trends in MACD are usually in pairs of 4 and if you combine it with other indicators like Bollinger Bands, RSI, Fib Extension etc. it gives you quite a good idea where the stock price could potentially be heading. I see the stock price heading to $12.65 which is approx. 12.5% downside from 12/04/20 closing price. This price is slightly above 78.6 Fib Extension and this is also where 50 & 200 WMA is approx. at currently. If by end of this week the price closes below the 200 WMA and MACD negative trend continues (which I highly suspect it will) I will revisit this chart and will publish new Idea. Disclosure: I own CNK stock
(This analysis is just my point of view. Trading involves risk. Do your own research before trading)
(This analysis is just my point of view. Trading involves risk. Do your own research before trading)
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