In order to get a clearer picture of the chart for CBD I placed it on a weekly chart. The chart has exhibited the behaviour of an Ascending Triangle with the horizontal at 16 cents. Today was the fifth touch at 16 cents in the last 12 months and expect the trading range to tighten up over the next month prior to the breakout i.e 13 cent to 16 cents. In simplistic terms once sellers have been exhausted at 15.5/16 the SP will move to the next level. The breakout could occur at anytime as the triangle pattern is further than 60% along the APEX.
CBD Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
