ConvaTec Share Price (CTEC)

The monthly chart , shows the high peak of July 2021, and subsequent low trough of January 2022, has contained most subsequent price action, prior to the breakout. This price pattern, suggests compression, indicating that there will be significant upward sp, movement. Measuring the July 2021 price peak to the January 2022 trough, gives two price projections, 305, based on close, and 365, based on high/low. The average price target is 335. DYOR.

Research by Investors Business daily, shows that overhead supply, resistance from previous trading, at a higher price level , diminishes after 18 months to 2 years. The October 2017, price gap, being nearly 6.5 years ago, and a multiple of more than 3 x the maximum 2 year limit for possible overhead resistance, has effectively expired potential for resistance.

Good results and the market is giving it a pat on the back. Now it needs to fill the gap at 280, established in Oct 2017, and then it can head to 350 and beyond.

Sorry, I forgot to provide price target of 230, for CTEC. There may be some resistance at 220, from overhead supply , relating to previous trading activity.

Chart position, sector chart is bullish, having broken above down trendline . CTEC, is above price pivot of 212.80. It is important that close price today is above that pivot of 212.80, to confirm a valid buy signal. I had examined the top three sector charts today, and the sector, for CTEC, was the best bullish chart.