Canada Nickel Company Inc V.CNC

Diamond bottom breakout

[EndZonefor7]

TD has CNC as long term bullish as of yesterday close. 

Diamond Bottom

 

Long-Term Bullish

Volume	753,020
Close Price	2.02
Target Price	2.30 - 2.45
Pattern Duration	111 days
Inbound Trend Duration	172 days

Tells Me: The price seems to have reached a bottom, showing signs of reversal as it has broken upward after a period of uncertainty or consolidation.

The Diamond Bottom pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend.

[EndZonefor7]

Decent close, stock showed great strength coming off the pullback to $1.90 which is an important line in the sand. Several other times the $1.80 to $1.90 range was a resistance zone. Now it may be our new support level. Also broke and held the 50 DMA on the weekly chart too, first time since January it's been above it. Sets us up nicely for next week as we head towards the FS. 

[apapas1973]

Good observation Endzone. Let's keep this train moving along.