CCA Chart and Pier Comparisons ... Pls excuse me, 1stly for the posting of some charts for CCA on this "charting" thread(been a while since last actual chart posting here, right!) and, 2ndly, for posting anything at all as I'm not a CCA holder anyway(yet).... actually for any in the "Fintech" sector.
However, because of
@crazyash 's last post above, and also as a result of a fellow colleague's interest and request for me to have a TA look at CCA, prompted me to make this contribution for anyone that is of interest in CCA's current chart picture.
There is no doubt that the month of Feb. has been a good month for CCA but, alas, not as good as her pier stocks(more on that later). However, I was particularly interested in yesterday's action; a potential Hammer candle reversal(similar to her early Feb low). Sure today's follow-up action was a tad disappointing but not yet destroying the potential of a swing low of significance was put in place at yesterday's low as it didn't make a lower low and today's vols was lower(next 2 day's should clarify). I do like where that low bounced from and feel it will hold and we will see 14.5c and indeed above(on increased excitement) very soon.
Short-Term Daily Charts ... Suppts and Resistances ....
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Pier Comparisons ... chosen stocks thanks primarily to Crazyash ... Two periods to look at here. Chart shows % rise comparisons to CCA's since its Jan.4th price, i.e. the beginning of 2021 year but also the price rises since the beginning of Feb ... a big percentage SP increase in all stocks. HOWEVER, in both cases, CCA is clearly the underperforming stock. In fact, relative to the beginning of the year, CCA has gone nowhere(actually made a new low in Feb) and has risen the least during the Feb
euphoria in the sector. And, unfortunately, it has fallen the biggest % from the most recent highs as well! I include Z1P here, a much larger Mcap stock, as I see it as a sector leader but also because its chart shows an important date of a 'breakout' that 'coincided' with the early Feb. upthrust demands in the other pier comparisons ... see last chart.
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All Six Charts ... Obvious //'s with SP moves within the sector, especially in FEB., as retail Traders try to get exposure within the "sector" hoping they are on to the next big 'major' within the sector(just my opinion). Two things to note: 1stly, go back to late Oct/early Nov.'20 on all charts(orange dotted line) and note where the current SP action is now compared to then.(Start with Z1P as this, as I said, was the basis for comparison of important chart high breaks ...blue dotted line). Note the 'straggler' ... yep, CCA!
2ndly, see the pink vertical dotted line ... this is the date of Z1P's(my sector leader, remember) breakout to new highs in Feb. that coincided in the lower end of the sector stocks Feb. euphoria move mention above. Now, whilst all of the 'minor' sector stocks are at least 100% above that Feb. 5th date SP poor
young CCA is a only a mere 25% above its SP then. AND remember it has retraced the most since its Feb. high.
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So what's this all mean ...? Well, I guess that if the other sector stocks hold there gains above their Oct/Nov. '20 highs, and indeed start to test their Feb. highs, there is hope that CCA will eventually start to to play catch-up to their % gains. However, if they merely go sideways, or spend a lot of time consolidating their Feb 'euphoric' moves, then even though the S/T TA suggests CCA should move higher from near present levels it probably won't go far.... until there is breaking 'personalized' news for CCA.
