Below is a weekly chart of Cimic Group Ltd (CIM). One of my favourite stocks since the breakout to $30 during mid-Q1. CIM has continued to impress today with a 5% rally by noon. Strong support is at the $34 - $35 area, however momentum is very strong to the upside.
MACD histogram has expanded and was at its highest level (1.139) since the up-cross during early Q2. Histogram strength has increased over the last week and looks set to strengthen further. After forming higher-lows during the second-half of Q1, stochastics %K remains comfortably inside the bullish continuation region (96.08). Altogether these are some very strong bullish signals.
I didnt chart this stock earlier showing bullish signals due to the limited data of only 12mths. However this stocks momentum has continued to show bullish strength since the MACD up-cross and Stochastics higher-lows were formed from mid-Q1. Still has legs left over the next several months.
IMO bullish over the next 6 - 12mths. DYOR.
CIM Price Action
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