NYSE:CPNG
All of the positive indicators are combining for this underestimated stock:
1. The stock price candle of Feb 28 breaks out of the downtrending channel by more than 3% for the first time since Jul 2021.
2. Moving average of 7 days is just about to cross above the MA of 20 days
3. Volume increase as the price increases “MOMENTUM”
4. Clear Cup and Handle...
Now we can see how CPNG is being trending bearish since a short to medium term. This stock can not get a break even when the market was bullish. The main reason is back to the stock strict obedience to the downtrending Parallel Channel. The stock NEEDS a strong momentum to break this channel up.
Summary, now the price is touching the middle line of the channel and...
The stock price hits MA50 and bounce back by the support of the moving average (50) and the supporting level of the double top M pattern Neckline. However the formed double top M pattern is clearly bearish and dominating, which could take the price to test the supporting level of 884.
