$CPG Short Opportunity?
This is a mid-cap Canadian energy producer, it's local and I follow them.
The way that RSI has formed a rising wedge makes me think there's a bearish reversal inbound for the stock.
You can see how CPG behaved on the last two pullbacks, and sentiment has taken a much bigger hit this time.
Sentiment tells me this will test the 200D EMA soon, and the RSI tells me this is ready to breakdown.
I think it's time to shop some BTO puts on this stock.
(This chart on the TSX, also on NYSE)
The way that RSI has formed a rising wedge makes me think there's a bearish reversal inbound for the stock.
You can see how CPG behaved on the last two pullbacks, and sentiment has taken a much bigger hit this time.
Sentiment tells me this will test the 200D EMA soon, and the RSI tells me this is ready to breakdown.
I think it's time to shop some BTO puts on this stock.
(This chart on the TSX, also on NYSE)
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.