CMG will likely retrace SHORT
Updated
CMG catapulted after the best earnings beat with an excessive and overextending move to the
upper bounds of the widening wedge pattern and beyond the third upper VWAP band on
this 30 minute chart. It did have a corresponding leap in volume. However, I expect a
retracement into the 3020 level based on the Fibonacci tool. This is about a 5-6% downside.
I will take a short trade here targeting that Fib level. and perhaps more.
upper bounds of the widening wedge pattern and beyond the third upper VWAP band on
this 30 minute chart. It did have a corresponding leap in volume. However, I expect a
retracement into the 3020 level based on the Fibonacci tool. This is about a 5-6% downside.
I will take a short trade here targeting that Fib level. and perhaps more.
Trade active
Notably, on the 10 minute zoom-in chart, price and volume momentum have fadedand the slope of the VWAP lines has fallen to zero.
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