Cinedigm (CIDM) Channel, Head & Shoulders, and Ascending ChannelThere's a lot of action going on here in a short time span. I have identified three different stock patterns in CIDM over the past 6 months. The first pattern is a simple horizontal channel. The second is a head & shoulders pattern. The third (current) is an ascending channel.
CIDM
DOGE Days of Summer 786 On WatchDOGE ...like many altcoins has gotten beaten up for weeks but over the weekend (unless you're living under a rock), crypto is having a bit of a renaissance, DOGE included. So we took a closer look at some basic levels following a Fib retracement plot and wouldn't you know it, some interesting levels have emerged. Namely the 786 fib has clearly been a sticky area (around $0.27-$0.29). Previously, it was an area of support following the monster breakout earlier this year but now appears to be an area of resistance. Since breaking below the 786 fib, DOGE has now tested this area to the upside twice and, so far, has gotten denied twice. But considering the excitement in crypto and bitcoin stocks chatter over the weekend, it could be something to pay attention to should the bullish sentiment remain in place heading into the week. Keep in mind, you've still got rumors floating about Amazon and it's supposed crypto link:
"Some penny stocks are on fire to start the week. That’s partially thanks to an upbeat sentiment in cryptocurrencies like Bitcoin and Dogecoin right now. This past weekend, rumors emerged expressing Amazon ( NASDAQ:AMZN ) would start accepting Bitcoin by the end of the year...Further rumors discussed that the company would develop its own currency by next year. According to an anonymous source talking to City A.M., 'This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future—this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.'...Rumors are still just that; rumors. But these were enough to give a hefty spike in Bitcoin, Dogecoin, Ethereum & other cryptocurrency prices. With that has come a slew of momentum into both tech and cryptocurrency penny stocks today...Discussed with Cinedigm Corporation ( NASDAQ:CIDM ), Bit Digital Inc. ( NASDAQ:BTBT ), Hut 8 Mining ( NASDAQ:HUT ), Exela Technolgies Inc. ( NASDAQ:XELA ), Vinco Ventures ( NASDAQ:BBIG )
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CIDM Showing Signs Of LifeI drew the fib retracement starting from March 2020 lows and sure enough, it pinpointed a few key levels, the 786 fib line being one of them and CIDM is testing that as we speak. Depending on the volume and if this news event has some legs, CIDM could be one of the penny stocks to watch this week. A lot will likely come down to how it will close the day on 7/15/2021.
"Only a few days ago, it announced that it was forgiven for a $2.2 million Paycheck Protection Program (PPP) loan. East-West Bank paid off not only the loan in full but the principal and interest of the PPP loan as well. This is a big deal and should reflect positively on the companies balance sheet moving forward."
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Then today, the company reported preliminary fiscal Q4 results.It said consolidated revenue came in at $8.3 million, with streaming channel sales up 197% versus the prior-year quarter and 39% sequentially over last quarter, according to a regulatory filing. Streaming/digital revenue grew to 75% of group sales in the quarter versus 48% in the prior-year quarter. Also, CIDM announced a payoff of the remainder of its Prospect Digital Cinema loan in the amount of approximately $3.5 Million, effective July 9, 2021. Revenue from the sale of certain digital cinema equipment enabled the debt reduction and balance sheet improvement.
CIDM support vs 200DMA approaching...CIDM approaching 786 fib, which has continued to be a resistance level since last summer. It's held above this a few times, but in general, CIDM has failed to break above more times than it has successfully remained higher than this level. However, current potential support has fluctuated on the price scale but remains consistent vs the 200DMA (in red) for the last few months.
"Only a few days ago, it announced that it was forgiven for a $2.2 million Paycheck Protection Program (PPP) loan. East-West Bank paid off not only the loan in full but the principal and interest of the PPP loan as well. This is a big deal and should reflect positively on the companies balance sheet moving forward. While the number may not seem that large, any debt reduction is almost always met with positive sentiment from investors.
“We are very pleased to receive the notice of forgiveness of our entire PPP loan and associated interest. We remain grateful for the financial support that the CARES Act provided in response to the COVID-19 pandemic. This helped Cinedigm move into a very solid position now financially with virtually no debt and a fast-growing streaming business.”
Gary Loffredo, President, and CEO of Cinedigm
The sentiment from Loffredo shows that investors should keep a close eye on CIDM’s next balance sheet. Because debt is a large factor for how positively investors see a company, this massive reduction should be considered. So, with all of this in mind, is CIDM on your list of penny stocks to watch right now?"
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CIDM Bullish AFI know this mite sound silly but... i think this company has potential to do mind warping runs.
It is being heavily shorted and accumulated. It has good news DAILY.
They are an upcoming OTT streaming service like netflix and have a rapidly growing clientelle.
They are already being called the "indie netflix" and Indie is becoming very popular at this time.
Cidm also has developed an limited partnership recently with GNUS which also is very bullish in my opinion, as they are a large IP holder of children's shows and multiple award winning series including gumby.
Short target 2-3$
medium target 3-7$
long targets 35$ WOW!
CIDMCinedigm Corp (NASDAQ:CIDM) The rising 200-day exponential moving average has been a good support reference point for this name to take long positions and that was exactly what I did last week. Lets see if we can get another leg up to retest the 1.60 area again.
CIDM : Trend Breakout AnalysisThis is an analysis on behalf of the trend lines leading back to last year (incorporating short term trend lines ).. In my opinion we're either looking at a breakout to the downside with a minimum level of .70 (with a possible bounce back from .90 support level) or ultimately a breakout to the upside on the other hand in order to retest 2$ level.. If that breaks through 3.5$ would be a conservative target.. Let me know your opinions!?
As this is a heavily shorted stock.. I think this will breakout to the downside!
Before coming back up...
Best regards,
Moder8
CIDM Cup & Handle FormationFound this 9 month cup and handle on CIDM by accident. Seems to be following the resistance lines rarely well. Hope this pattern holds up true!
cinedigm corporation stock analysis - cidmThe Idea is to hold before going long. Go long only if the resistance 1 will be broken.
Cinedigm Partners With Spherex to Expand International Content Distribution Capabilities
Cinedigm reduces total debt by 47% and annual interest expense by 37%
NASDAQ:CIDM
Local Now announced a distribution partnership with CinedigmThe Weather Channel's Local Now Expands OTT Streaming Offerings With Cinedigm Distribution Partnership
The Bob Ross Channel, Dove Channel, Gametoon, FashionBox, CONtv, Anime, Comedy Dynamics and BAMBU are Among Channels Now Available on Local Now
This collaboration is part of Local Now's commitment to expanding the depth, availability, and entertainment value of its programming offerings.
The Local Now audience will now have 24/7 access to engaging, marquee channels.
Cinedigm channels will also become available on Local Now's portfolio of OTT, CTV, mobile, and TV platforms at the end of the year.
Local Now currently serves a diverse audience, reaching more than 225 markets across the nation.
finance.yahoo.com
CIDM BUY on bounce off channel supportCIDM had an epic run from a few pennies to 6$. It has came back to earth and I think it may be on the first moves headed back up. Look for confirmation if it bounces off the downtrend channel, in red. Hopefully, right at the green arrow it will bounce and confirm this as support and move up. Looking at .75 and 1.00 as first TP's then letting rest run.
CIDM high riskFrom the headlines today, "Deal with China’s #1 Theme Park and Children’s Media Company Brings Thousands of Hours of Top-Rated Programming to American Audiences."
High risk and high reward play. Currently at support. Also, the bottom indicators has red bars; It typically means that there is a lot of pressure above and below (from all sides) on the price. The price remains pressurized this way until people give up. When people give up, they take down their limit orders and do market order exit. After this, the price goes up.
CIDM GOING FOR ONE MORE WAVE UP?CIDM has completed the consolidation after the previous wave up. If the 1,80 level holds i'm looking for one more wave up.
CIDM to long from 2CIDM is forming a flag formation. We can see the breakout confirmation in the hourly frame. We think it will go up to 2.63
