CMG trade ideas
CMG UpdateThe last bullish signal I gave on CMG was an intraday chart Gartley @ 301.73 that gave us a couple of nice bounces that were confirmed by RSI all the way to the overbought extreme. The third test of the Gartley's PRZ was not expected to have a high probability of holding but nevertheless gave an impressive response. Now that price has come through that level in a dramatic gap, short-term (intraday) sellers of CMG should have several opportunities in the next few days to catch relatively easy downswings. Watch especially for a 70 test of RSI on the 30m chart or signals from HSI if you have access to it.
CMG ContinuationDaily Squeeze, lower highs, momentum lows, oscillator divergence, previous price structure provides good area to get short (BB upper, trendline, previous open of decline).
CMG Potential double bottom, for risk lovers.In terms of fundamental analysis , even the most junior finance department student will suggest to avoid CMG 0.80% stock as its crazy P/E and looks like such a falling knife.
While higher risk makes higher return , and it did give a potential long opportunity.
In weekly chart, right here is the 0.618 retracement of the rally from 2008, and a daily double bottom is about to be formed.
My game plan is to wait for the double bottom to be confirmed ( close above 323 on daily chart ),
And put a buy limit at the 0.618 retracement of the neckline breakout.
Let's see how it goes!!
CMG Elliott Wave Leg 2 completeCMG has been following Eillott wave and New Impulse wave appears in progress. If if leg 3 follow's through expect higher over next few days and confirmation should break above upper trend line.
60m Bottoming Gartley on CMGA bullish Gartley has formed on CMG 60m- watch for further continuation to the upside before another selling opportunity. Given the scope of the downtrend over the last few weeks, I don't expect this to be a deal changer but it may be the first step to CMG flattening out and turning around.
