Close Watch on CMNC (5TP)
Close watch on gold mining counters such as CNMC in view of current resilient gold price.
Using our Wyckoff technical tools, the stock's recent selling looks more of profit taking than sell off in view of the bullish character observed during the price mark down.
Momentum tool MACD and fund flow tool FFI have seen technical improvements.
As price resting at key support level of S$0.245, in view of Fibo level 0.618%, low volume node and resistance-turned-support level, there is technical evidence of price supported at current level.
Breakout of downtrend line will be our trigger.