I'm long on CTAG. After extreme selling and a bull squeeze the SP held its 200MA for a long time before it broke but was swiftly stabelised on the 78% Fib line. Yesterday the company released news indicating that it's product will likely be ready this month and this drive a huge volume and bounce re-taking the 200MA and challenging the downward trendline.
Huge rise and retrace which I've documented a number of times previously.
The floor looks set with a triple bottom formation which gives us the familiar "W" set-up.
In terms of resistance the price is now operating just under the 50DMA and upper bound of trend resistance on the daily chart.
I think if this breaks then the Bulls are more than likely back in...
Completed 50% retrace from 24p high and 2p low.
Strongly supported around 13p - mixture of Fib, 50DMA and support line.
Blue triangle is the shape now in play.
Hold 13p at the bottom. Break 16p at the top & complete the "W" to retest 24p+
I have posted numerous times on CTAG, an AIM listed tech stock with a large fan base and some interesting looking partnerships emerging. The share is well supported with high volume (which I believe is key to continued expansion) and has undergone several fund-raise exercises all the way up this rise.
Technically this has evolved in 2 phases so far with the first...
RSI and MACD approaching peaks for this wave, but has been consolidating into this rise - extending the target to my eyes. Daily volume is key & has been consistently exceptionally high, sustaining this momentum. Keep eyes on steady 10m+ volume days.
Neat cup-and-handle on recent consolidation, has broken out, shot past first fib extension with minimal resistance and now meeting (possibly stronger) resistance at initial offering price. Once that is broken, expect quick run up to next fib extension point @ 22.5p where it could pause again.
Nice 50% retrace from initial impulse move. Consolidation. Re-tested 11.50p bottom several times.
Broken falling trend today/pennant set-up, momentum indicators also making a move.
Extension gives a 22p target.
Pennant formed & seems to be the play.
12p is the intersect. It has a couple of goes today but failed.
On a detail view the MACD crossed today and I believe RSI has a small break from trend.
Looks like we are at the business end here.
I'm long to 20p if 12 breaks.
Nice cup and handle set-up has led to a full breakout.
RSI is hot, but on weekly view OK and volume is incredible.
Volume is fuelled by rumours of imminent launch and possible takeover from major.
Provided volume is sustained, both MACD and Stoch RSI suggest more in the tank for a further impulse move to around the 20p level where it IPOd.