CPG consolidating. Engulfing Pattern seen on weekly chart

CPG is currently consolidating at the 20-day SMA wherein we thought will be the immediate challenge before it did a rally (CPG spiked after touching all time low last week). Is CPG just consolidating or its going to fall?

Looking at the weekly chart we see a bullish Engulfing Pattern. But this type of candlestick pattern is not a strong indicator. We need a confirmation via a gap up or a large candlestick this week. If this is not confirmed then CPG might register a new all time low.

Caveat!

One Response to CPG consolidating. Engulfing Pattern seen on weekly chart

  1. […] this week. If this is not confirmed then CPG might register a new all time low. Caveat! CPG consolidating. Engulfing Pattern seen on weekly chart Reply With […]

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