Post by
sunshine7 on Feb 28, 2016 2:53pm
CXR Double Bottom?
I am not really a chart guy and have a significant (for me) position in CXR with a mid to long term view of SP. Looking at the 1 yr chart, it looks like we are in the back end of a giant double bottom formed with RSI in neutral territory. TSX now above 50dma and 20dma looking to cross over to the upside. S&P looking like it 2xbottomed and just crossed the 50dma. BioIndex iBB still in the dumps. My take is that a spring rally is a possibility (despite the gloom in the news as it always is at a bottom) and the iBB will start its ascent shortly. Should this happen, and financials are as positive as I think they will be, CXR will be on track to significant gains. The only risk is general market sentiment IMO and it looks to be turning up.
Comment by
Simulacra on Feb 28, 2016 3:43pm
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Comment by
Stockcoach1 on Feb 28, 2016 5:01pm
ChartSchool is taking a break and his tag team alias Simulacra is in. You can always tell by 5 star support right out of the gate. Lol
Comment by
sunshine7 on Feb 28, 2016 5:33pm
and that is why I am optimistic of an upturn. Past performance of CXR and the markets have been poor. Fundamentals will prevail IMO.
Comment by
Simulacra on Feb 28, 2016 6:12pm
This post has been removed in accordance with Community Policy