IS CPG going to test the newly found support?

The 1.4x level seemed to be a big challenge for CPG as what we pointed out last time when CPG broke the slope. The last two candlesticks are not too bearish but if you will see the upper slope which our support (previous resistance) is a bit low. Other than the slope, the 20-day SMA line may also pose as an additional support. For those who were able to enter when CPG is trading the range you still have good room to observe and wait if the support will be broken but to those who chase the price, its very important to check your trading plan.

Weekly chart shows a Hammer and a green candlestick but the position where the Hammer is, may not qualify for a reversal.


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