Long
Long CNSL, Entry: 8.96, Target: 9.89, Stop: 8.70, Risk/Rew.: 3.6
CNSL fell sharply after its new high in May, but it found support just above the rising trendline. It then retraced back up to the 62% Fibonacci level, trade back down to the 38% level and today it is breaking above the falling trendline after a bullish Engulfing pattern yesterday.I think that a test of the previous high of 9.89 is possible with a bit of volume. Also, is we consider this to be a swing low we could be in for a move up towards 10.50, but that is for later. For now, I see the following trade.
With and entry at the price 8.96 (price at the time of writing), target of 9.89 at the previous high and a stop at 8.70 whish is just below the falling trendline, we have a risk/return ration of 3.6.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.