Weekly Cup & handle formation spotted on $CGX.TO. Canada is opening up, the possibility of another lockdown is low with an upcoming election. If the liberal party wins for the next term, CGX will benefit due to Liberal party's plan to support hard-hit businesses with the Arts and Culture Recovery Program. (liberal.ca) Basically the government will match ticket...
$CGX's pattern currently looks like it could be forming an inverse H&S on a weekly. If validated, the target would be around $27. Canada is progressing very nicely in vaccination effort, with COVID case counts being steadily being lowered. Once the economy is reopened, 2021 is packed with good movie releases and Cineplex will soon be able to boom once more.
Looks like Cineplex is attempting to break out of the blue resistance - There is an inverse H & S pattern occurring on Cineplex on the daily. I posted mid-October that Cineplex has been consolidating near $5, now it has more than doubled since then. Target from this pattern is going to be around $17. Some events that will help cineplex bust through this...
Daily bullish divergence on the RSI - the price of CGX has printed a lower low with a higher low RSI, with the daily MACD also crossing over. Price has been consolidating on the 10 day MA. Current price reflects people's emotions and fears about the company and industry in general - and this can mean you can bet against that emotion and win big potentially (and...
CGX has fallen off a cliff since ATH,. It's attempting to form a Higher Low on the weekly, needs to be set above 22,88 $ and see a Higher High first over 26,32, and then 28,91$