CXB reaching strong support line possible bull after
Updated
Just my idea of coming months for CXB... after a November election high spike the bearish signal is slowing down and if support line holds it this coming weeks, the bullish trend is possible if the gold has a bullish momentum at the same time... This is just my opinion, not a suggestion so lets see how this plays out... Happy trading everyone
Trade active
Looks like we are going to see one more retest of 1.68 if that holds then we go up if that test falls through then we are going to retest 1.40 probably next week... Just a loud idea no trading advice, know your limits trade with caution :)... cheersComment
1.68 did not hold so as mentioned before we can expect to test 1.40 in coming week. This is not a trading advice just my idea which I am not trading at the moment. Any comments are appreciated, cheers.Comment
So short update of my thinking, 1.40 was tested twice first week of March and after double bottom we bounced back to 1.68 zone. Since this is a strong resistance we can actually see one more drop to 1.40 zone and if that holds we will have a great entry position for long IMO... again, not a trading advice just testing my vision on something I have traded before with success :) Happy week everyoneComment
CXB after double bottom at 1.40 support zone bounced back to strong support zone from August 2020. If it will hold and break through it we might see a break up within a week or two and then steady bullish channel depending on how GOLD prices will support junior miners in Q2 2021... Just my theory, play safe enjoy...Comment
CXB broke August 2020 resistance line and is heading for a break up towards $3 :)Comment
After yesterday fake break out of the bearish channel CXB today did not stay above the support line and is back in the bearish channel from Nov 9. Market will probably give it a chance to reopen in the morning above the support zone and lets see if the stock stay above for Friday week closure. If yes then we might be going up after a week of consolidation. If support line break we are going to retest 1.80 again before another leg up. Cheers.Comment
Another look at CXB long term. As you can see on my Graf from January, CXB did not break November 2.40 resistance line and retraced back to 1.58 zone. Since it will need more momentum to try to break through 2.40 zone again, what might be a good entry point for the next leg up is 1.35 since that would be a double bottom for this mine on weekly lines and this support if it holds might help to push the stock with bigger momentum over the 2.40 zone in the next push up on monthly trade line... Just my idea, watch and do your own calculations within your limits. Cheers.
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.