Is CPG bound for 2.x?
Daily: CPG met some headwinds for the last two days after the rally that brought the price as high as 1.50 The last two candlesticks may signal a sideways movement for CPG as it loosen its RSI. Immedieate resistance is at 1.43 or the 61.8% Fibonacci Retracement level.
Weekly: Current movement of Kijun Sen suggests that price may rise and hit around 1.54 We have also notice that the retracement after the rally 1.08 – 2.0 register at 76.8% Fibonacci Retracement level therefore a possible rise to 127.2% may happen. If this is the case price will continue to rise, of course with some headwinds along the way, to 2.20 per share.
Athough we have this possibility, it is still important to monitor the stock as it may turn sour when you least expect it. You can either get in and get out as you ride the wave or you can stay put until you reach the shore.
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