CMG: Potential trend reversalCMG has been accumulated in this zone for an extended period of time, and currently taking off from the uptrend mode.
We're long with my signals group from the 405 mark. The stock had very negative sentiment due to a case of food poisoning, but currently, there is no reason for it not to rally from here, to catch up to the likes of JACK, for instance.
After earnings come out, I'll monitor the formation of a new 'key earnings support' level, and decide wether to add to longs, or simply invalidate the setup and exit if we break down forcefully under 400.
Our current stop loss is wide, to accomodate for volatility, and because this is a potential longer term position.
I'll update the publication as we move forward.
Check out my updated track record here: pastebin.com
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Cheers!
Ivan Labrie
Link to Tim West's chatroom: www.tradingview.com
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
