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CENX

Industrial metals are set to witness an upcoming rally Industrial metals are set to witness an upcoming rally after Joe Biden's $6T budget proposal, The spending plans would fund investments roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. CENX is an industrial metal stock that's being traded within a descending channel on the 4hr time frame since March 12. Momentum and strength indicators are supporting that the stock would move upward to hit $14.65 and $16.25 levels consequitvely on the short term. Century Aluminum shares CENX rose 7.62% in yesterday's trading in a strong session for metals.
NASDAQ:CENXLong
by AlyaAkram
1
CENX - Possible BullCENX appeared to be just finishing a head and shoulders tops formation (marked by five horizontal blue lines) spanning from Sep 2015 to march 2015. Based on that formation, the price should have retreated to approximately 10 dollars. It went slightly below that but showed some signs of stabilizing. However, CENX also posted revenues that were 26% below consensus in August, driving the stock price even lower - this in the face of ongoing troubles from oversupply of aluminum. CENX has traded lower from that point, but appears to be staging a possible rally. After stabilizing somewhat from November until January, positive earnings surprise coupled with the generally improved market (over the past several weeks at any rate, whether it holds remains to be seen) has helped drive the price above two short/intermediate term price levels at $4 and $6. This brings us to the key point - what will it do next? CENX hasn't broken the trendline running at approximately $7 since its second decline in August until now. If it can hold above this level, its next key resistance level will be $10 and the distance between here and there represents a good opportunity. I would cautiously note, however, that while volume was strong immediately after the positive earnings report, volume on the recent break above its $7 resistance is actually below its moving average. I would also note that aluminum prices have recovered somewhat and this is also a driving force behind CENX prices. This is a wait and see moment, trading well above $7 for a few days or seeing a significant price increase on significant volume from here will indicate that CENX has bottomed and the price will increase from here for some time. Anticipating a move from here would be foolhardy.
NASDAQ:CENX
by tapkcir
WWAV- What's it going to be? An upside crossover? Or the 50% Fib9-29 What's it going to be/ An upside crossover of the green line and its on its way again? Or is it going to tag the 50 day average and 50% Fibonacci retracement zone first. IF it were to crossover the green line to the upside? Then the small top purple line can be used as a tight stop to define risk but I'd rather use a break of the 50 Day/50% fib zone to allow for volatility. CENX y the way is at its 50 day average looking similar. Trade at your own risk as these are not recommendations. Strictly for educational and informational purposes only.
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by Amazingpowerpatternguy