Gold may be indicating that we are going to see upward price movement. I do not think it will be a huge move as I still believe we need more correction and consolidation before a major move up. Just my own person opinion.
I have provide few quick notes on the weekly chart of CPG. Notice the trend of the MACD and the moving averages beginning to move up. With inflation rapidly approaching and demand for oil still very much prevalent, even with all the electrification of society, it will still be a heavily demanded commodity. Solar and wind will not be able to provide all the energy we need.
Finally saw some price movement today. A selling frenzy into the close to touch the 200dma and a bounce back up to $14 which now looks to be resistance. A Head and shoulders pattern looks to be completing. The MACD on the 4 hour has turned down and has just crossed down on the daily. The 200dma looks to be playing critical support with next up being the 50dma....
We have been consolidating for a few days here. Price has had trouble breaking out of the $17 resistance. If it does not break through strongly to the upside soon a pull back to the 200dma is likely. Whether we see consolidation at the level or a bounce back up will determine I believe on the overall strength and the markets and economy.
I am extremely bullish on snap long term, but it seems techincals may be in control at this point and the trend is down. Low volume, with double top. I thought earnings were good, but unfortunately the trend remains down until a bottom is found.
