CPG - Double Bottom Doubles Money
Updated
Quick refresher to previous ideas on CPG. Patience will pay off on this trade. Owning CPG is pretty safe right now after 90% drop from highs and consolidation/reversal pattern showing up at the bottom.
Note
This is why CPG did not fall today. And we got a 100mln buyer until end of the year. ~20mln shares. crescentpointenergy.com/invest/news/crescent-point-announces-sale-uinta-basin-and-non-core-saskatchewan-assets-cash-proceeds
Note
After a good run CPG stick is being bought on dropping oil. Hold until it hits double bottom target.Note
Update with Bollinger Bands and moving averages.Daily - 50SMA crosses 200SMA - an indication of a major rally.
Weekly chart is more interesting and indicating that major rally only starting.
Hold CPG stock until rally matures and our targets of $6.5, $9 or even $18 will be hit. Patience will pay off on this trade. It is long term investment/trade. It can take 1-3 years to extract maximum of its potential.
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