Is this the bottom for CPG?

The Hammer pattern on CPG’s chart today may suggest a reversal after a couple of dips but this is not a strong reversal pattern so we need a confirmation tomorrow by way of a gap up or a long green candlestick. The color of the hammer is not important but it would have been more bullish if it is green.

Another thing to consider is the Ichimoku elements. Notice that in order for Chikou Span not to show a red signal, the price should close above 1.48. The Tenkan Sen line is also threatening to cross the Kijun Sen line, if that will happen then we will get a red signal there.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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