CNP is trending sideways and clearly looks like it is about to break , the challenge is in which direction .
The sideways trend indicates buyers feel we are at a bottom , which I must admit I did , So I averaged down again last week for the 5th time and liked the price activity on Wednesday when it appeared to have changed momentum from going up in the morning and falling all afternoon , to trading at even in the morniong to actually gaining strength through the day , I assumed it may have actually been getting insto support for the first time for a long time .
Unfortunately that trend lasted one day and we are back to ok in the morning weak in the afternoon ,which indicates traders buying , getting torched and selling , if thats right it will most likely a drop in the match out arguably to a lower low.
I hope Im wrong as I have not cut it ....but can see it definately in my opinion on charts that it is unlikely to trend sideways for much longer and one way or another we are going to see a break up or down of some degree.
Good to see ABS and AFG showing signs of life ,maybe if CNP does break up I might have some luck with my 3 falling kelpies in August.
As I dont hold that many stocks , it would be nice to have one day when I had green all over my screen unfortunatley there is only 5 greenies today and about the same red despite an up market .....grrrrrr and when I woke up this morning and heard the dow was up I was happy.
Green Today ABS up 2%, AFG up 2% , CEU up 1% , TLS up 1% RIV up 4% YEY!
RED TODAY Boooo CNP down 2% ( my biggest play ), PGC down 20% , ANZ down 1% , CBA down 1% and VBA down another 1% ( is oil ever going to retrace ) .
o dd
CNP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
