CENX trade ideas
Double Bottom forming in $CENXMay follow peer US Steel higher to test the mid-July highs. Bullish divergence seen.
CENX Broke 8.00 Price target 8.50 based on 1yr trendsIn both March and April of 2016, CENX has hit the 8.00 mark to later jump to 8.50 within 2 week's time. It is my estimate -based on these previous rallies and the upward momentum as of late that it will once again rally to this 8.50 price point. Be aware that I take this to be a short-term trade as within 1-2 week's time I expect it to fall at or below a 7.00 support price by August 31, 2016.
"CENX" On my watch listMonitoring the performance of "CENX" and "AA". If it breaks the $6.00 territory with oversold double bottom RSI I might take it for long.
My profit target would be 2000 stocks @ $2.00 Maximum. But I am still watching it's performance comparing with other Industry report. I will inform when I am going to enter into the trade.
Century Aluminum Co. CENX buy setupWe have another similar setup here guys and again the Technical working together with the Fundamental to give us a chance to make some fortune. Wouldn't be a bad idea to let this puppy run guys... Cheerz
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.
Trading DateHow about putting the date next to the symbol, time frame, and OHLC in the top left corner of the chart? When looking at back data you can't see the date of the 4 candles farthest to the right without moving forward. Kind of defeats the purpose of testing a trade setup if you cheat and see what the next candle is doing.
Be readyHandle formation in progress in C&H. no position. Above 29.60 but possible resistance at 30. round numbers
