Hey all Here are a couple of charts i have put together this...

Hey all

Here are a couple of charts i have put together this evening

CDX daily support/resistance zones

I think we will start to find ourselves hanging out in the 6s now, supply in the 5s looks done. There is a potential back test of 5.9 tomorrow if no news, but based on the volume we have seen in the 6s today, i would expect we will see plenty of support move back in to bring us back up again, just like we saw at 4.7-4.9 and more recently that 5.6 area with a real good test of 5.5 recently on some volume but it held extremely well. Very bullish price action.



CDX  daily chart with fibs.

Ive taken the top of the fib from the previous session to illustrate the support before today's move, as you can see we have tested that 78.6 fib level multiple times and its held strong, the fact it did not break and go back and test the 61.8 percent fib is true testament to the strength of the buying action and absorption of any supply that is hanging around, its not that often you see a stock hold the 78.6 fib and not break especially considering we have not had much news recently. The buying action is really putting in some some solid foundations at each level, to provide great support for the future of the stock instead of it falling to pieces like alot of pump and dumps do, which is good to see.


CDX Weekly Chart

Thing of beauty, its clear when you zoom out on a bigger time frame that what we are actually seeing is more of a re-rate of the stock without it being overbought or extended to the point where it needs a major correction. The targets highlighted look very achievable ST. I am of the opinion the fomo has not arrived yet, and you can tell this by the broker data. In terms of resistance, i cant see any technically from when it used to trade as ACG. Back then there were less shares on issue, and it was very lightly traded. There is one big volume bar to the left, which should quite easily be taken care of based on the current supporting volume to the right and the clear demand for the stock. Really does look like the register is tightening up.



Cheers

All IMO, dyor, etc.

Arm back in the sling, that was painful ! lol