Charts Review: CNMC Gold (5TP)
CNMC Gold (5TP)
We shared that the selling that started in Aug 2019 was weak and expect price to rebound from key support level.
Price traded inline with our analysis as above.
We noted that the selling was weak because we did not sight selling with increasing volume, a bearish characteristic as stated in Wyckoff Method.
Price thereafter halted at our analysed S$0.245 level, broke above our the downtrend line and traded back towards our high volume node at S$0.28.
Congrats if you have followed the trade.
We now expect the stock to trade in Range fashion and may see price trading higher if more buying volume (Bullish Character) comes in.
Understand market demand and supply and trade in line with market by observing some of Wyckoff key principles such as Bullish/Bearish Character at our next Course Preview at SGX Auditorium.