RE: Upward Trend17 Sep 2016 10:53
ADJ, chart on CPX
http://www.screencast.com/t/zvSBZsx7ke07
CPX has formed a symmetrical triangle pattern and SP is closing in on end point so breakout over coming weeks is a possibility
SP recently was in a up trend indicaed in blue trend lines, creating higher highs and higher lows for a couple of weeks. SP then hit the upper triangle resistance and then fell below the blue trending support.
since then its tradeed sideways within the green channel. fridays close created a double bottom which could be enough for support and another try at breaking out of the long term triangle pattern.
purely looking at the charts i would think that SP would head down to the lower supporting trend line within the triangle pattern around 3.35p-3.45p then try for a breakout. But they do have results due on the 4th of oct so im not sure if it will get pushed down further to this supporting trend line.
so im not really sure where its going to go and will continue to watch and see if it gets pushed down lower for the support or if theres a bullish view on results being good. once SP closes above the triangle patter with high volume confirming breakout then could be a good entry.
not sure if upcomming results are going to be good or not? not dug too much into the fundies, whats your view on them ?