CINE - Cineworld due for a bounce from these levelsI've been accumulating this stock since the 60s slowly and now I believe it's at the point where it is due for a good bounce.
It has just broken SMA100 level which was acting as resistance previously.
Currently, SP is trading above SMA 10, SMA20 , SMA50 and SMA100
MACD indicator going positive
Money flow going green too.
Also, momentum has gone above 10
All these indicators are extremely bullish and overall it's breaking out of a falling wedge pattern.
From a Financial perspective - Cine World had 698million profits which dropped to -529million GBP in 2020 pandemic levels.
I am anticipating a good recovery towards the Christmas run-up as there is a backlog of many movies which were not released during the pandemic which should help reduce financial losses of 2020 as economic activity opens up and people start going to cinemas more.
The support level which needs to be held is SMA100 which was previously acting as resistance @ 75.20
The next resistance which was rejected today is @ 80.49
