CTRM High Tight Bull Flag in Consolidation LONG
Updated
CThttps://www.tradingview.com/chart/CTRM/ykZcKfCL-CTRM-Jumps-Today-Reports-in-the-Morning/
CTRM jumped about 20% with earnings in my idea published as that was occurring.
It is now in consolidation for two days on the 30 minute chart in what appears to be
a high tight bull flag pattern. These patterns are typically predictive of a bullish continuation
with decent reliability. The continuation can can be as much as the height of the flag
pole which is about 0.13 and so a continuation could be in the neighvborhood of 13/57
or about another 22% higher.
My trading plan is I will buy when price breaks above the flag's parallel channel with a stop
los below the channel. If there is a breakdown I will consider going short with a stop loss above
the parallel channel. Longside my target will be 20%. If I go short, I will target a 50%
retracement and so about 10%. For the time being, CTRM is on my penny-stock watchlist
as a long trade.
CTRM jumped about 20% with earnings in my idea published as that was occurring.
It is now in consolidation for two days on the 30 minute chart in what appears to be
a high tight bull flag pattern. These patterns are typically predictive of a bullish continuation
with decent reliability. The continuation can can be as much as the height of the flag
pole which is about 0.13 and so a continuation could be in the neighvborhood of 13/57
or about another 22% higher.
My trading plan is I will buy when price breaks above the flag's parallel channel with a stop
los below the channel. If there is a breakdown I will consider going short with a stop loss above
the parallel channel. Longside my target will be 20%. If I go short, I will target a 50%
retracement and so about 10%. For the time being, CTRM is on my penny-stock watchlist
as a long trade.
Note
Price testing a breakdown from the channel and then returned. No trade on the fake up. Patient wathing.
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