CPC carpenter pacific resources limited

Beakout in mid-August, broke above the MA on good supporting...

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    Beakout in mid-August, broke above the MA on good supporting volume. PVI was positive.. could have ridden that to November when you probably would have been stopped out if you were a trader when the price dropped above the MA (however, you might have stayed in if you considered they may have 1TCF of gas as well as being a takeover play, hence the name change as a corporate clean up) as it looked to consolidate into a stage 3.

    Then it had a continuation breakout with good supporting volume and the PVI being positive.

    It's a rallied up to 60c where it's been met by resistance and support at 56.5c and looks like it could be consolidating again into another stage 3..

    I'd be alert for another possible continuation breakout on positive volume next week with positive news on flow results, which will hopefully be a fast & powerful rally again and push 70c... after that, if it can break 70c we're looking at blue sky if you go unadjusted data, or perhaps more resistance to be met if you go by one of the long-term charts which use adjusted data.


 
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