CVT 0.00% 1.5¢ covata limited

Chart

  1. 1,409 Posts.
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    Here's my charting attempt.
    The first chart is a longer term view, while the second chart zooms into activity from September 2016.
    The 2 lines marked AB & CD relate to the current bottoming formation and new uptrend.

    To me it looks like a base has been established at 7c and that we are now in the very early days of an uptrend i.e. higher highs and higher lows.
    What would be good to see would be confirmation of the new uptrend through successfully retracing/testing a support level e.g. 12c.  The CD line must be broken shortly in the process of confirming the uptrend.

    There appears to be no shortage of potential support/resistance levels, however the 20c level looks to be a more substantial short term target.
    The current move is also supported by some healthy volume.

    If indeed CVT is in a new uptrend then those that had the balls to buy in at 7c have already been rewarded handsomely.

    I hope I haven't jinxed the sp by drawing attention to the change in CVT's chart. As a said, it's very early days - so I've got everything crossed.
    Of course, the sp could break bad and head seriously south again - it's done it soooo many times before and made a liar of me grrrrr.
    It's just that there's a lot more room above 7c than below.

    I'm open to more insightful and sophisticated suggestions for interpretation.

    Dang, no chart - I'll look into it and try again.
    Last edited by chillam: 03/01/17
 
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