CNTX - LONGERTA pattern I've noticed a lot is a small break of the wedge into an immediate sell off but the structure of the wedge remains.
Can get some really good RRs when:
1) This sell off goes very close to the low of the wedge
2) Wicks the low of the wedge, trades up and finds support above the low and very quickly goes to breakout again.
Much better probability of breakout when the break is not "fresh". The deeper this pullback the better the RR and the further it will go when it breaks. All about getting people either on the wrong side, or chasing
Anyway, would like to see this keep above 1.95.
CNTX trade ideas
CNTX, MACD + RSI setting up real nicely for an upwards run. CNTX is a recent IPO that has seen some decent movement and appears to have hit a bottom. MACD is about to cross to the upside and the RSI is coming out of an almost overseold. Typically when these two line up you get a move to the upside. Time will tell...
$CNTXI'm not much of a Financial Analyst Trader; nevertheless, on certain types of trades / investments I may peak to determine feasibility for longer term outlooks. I like the fact there is enough in Assets to cover the entire companies expenses. In addition, it's nice to see a company who isn't in the infant stages with current trials in progress; therefore, shows some maturity -- despite being a small company itself.