(ASX: CQE) Technical Analysis
Using 1W time scale, we can see long term support/resistance levels, if your read the text in the top right of the image, you will see which colors/lines correlate to which support/resistance level.
I'm not going to run through the COVID-19 drop, because you can clearly see the resistance at the green line, which became support, then again at the blue line, what's interesting is that we can see a Cup & Handle pattern potentially forming, this alone was the reason I did the TA.
If you look at the image, specifically at the white resistance level, you can see late 2020 we tested the resistance, slightly breaking over, and then reversing to our blue support level. This is around the $3 level, so I'd say it's a key level for buy orders ect.
Another bull run commences to the $3.50 level, testing past resistance, on Friday, we closed above this resistance, but only by a small margin, I could see consolidation on the resistance level and then a reversal into the green box, and probably rebounding off the yellow dashed line.
The dashed line represents past resistance from late 2018, and support in late 2018 early 2019... If we do see support at the dashed line, we'll see a rally to around the $3.56 level precisely, test resistance, break it, and rally above $3.90...
Another key point is that the 50 MA is about to cross over the 200 MA, this means we will be in a bull market. Leave feedback below, Thanks.
I'm not going to run through the COVID-19 drop, because you can clearly see the resistance at the green line, which became support, then again at the blue line, what's interesting is that we can see a Cup & Handle pattern potentially forming, this alone was the reason I did the TA.
If you look at the image, specifically at the white resistance level, you can see late 2020 we tested the resistance, slightly breaking over, and then reversing to our blue support level. This is around the $3 level, so I'd say it's a key level for buy orders ect.
Another bull run commences to the $3.50 level, testing past resistance, on Friday, we closed above this resistance, but only by a small margin, I could see consolidation on the resistance level and then a reversal into the green box, and probably rebounding off the yellow dashed line.
The dashed line represents past resistance from late 2018, and support in late 2018 early 2019... If we do see support at the dashed line, we'll see a rally to around the $3.56 level precisely, test resistance, break it, and rally above $3.90...
Another key point is that the 50 MA is about to cross over the 200 MA, this means we will be in a bull market. Leave feedback below, Thanks.