CNB 13.1% 56.0¢ carnaby resources limited

I don’t usually look for candlestick indications in short term...

  1. 321 Posts.
    lightbulb Created with Sketch. 206
    I don’t usually look for candlestick indications in short term trading activity but it’s too good to ignore here. A close above 55c will mark 6 trading days with ‘step-ladder’ momentum. Green, Red pattern increasing at a decreasing rate. Standard accumulation approach when a tree-shake is occurring. Relatively similar to activity in March-2023 when we gapped from $1 to $1.6. Slightly resembling December activity in a similar gap from 60c to mid 80s. We’ll know what day news drops or large buyers decide they want to open up the throttle as it’ll be a 15-30% increase.

    The volumes we are seeing are also indicative of a gap up. Price increases seeing large volumes, decreases showing significantly smaller volume days, evidence that it is a buyers market. Every possibility we see tomorrow continue this trend with a substantial buying day, news dropping or both. It’s a trend until it breaks it, but the chances of flipping a coin 6 times in a row and predicting the correct outcome is 1 in 64. Proving that the chances of this trading pattern being random are 63-1.

    Tomorrow will be tell tale, if my prediction is correct, large volume, another 5-10% increase above closing price today (~60c). Then we are set to gap into the expected 80c range.

 
watchlist Created with Sketch. Add CNB (ASX) to my watchlist
(20min delay)
Last
56.0¢
Change
0.065(13.1%)
Mkt cap ! $96.28M
Open High Low Value Volume
50.0¢ 58.0¢ 50.0¢ $363.5K 677.9K

Buyers (Bids)

No. Vol. Price($)
3 30245 50.0¢
 

Sellers (Offers)

Price($) Vol. No.
56.0¢ 25395 4
View Market Depth
Last trade - 16.10pm 21/06/2024 (20 minute delay) ?
CNB (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.