Picked up a couple on market this afternoon, liking the setup here on the daily, weekly and monthly basis.
Looks as though the consolidation that has been taking place since the move late June is starting to come to an end.
Daily - Positive to see the price action back above the 15, 30 & 200 day MA's and clearing the 3.5c resistance that has been at play here. MACD likly to cross positive tomorrow if this move can sustain, with the RSI turning up and stochastics showing a nice break higher. I think a move into the mid 4's in on the cards here.
Weekly setup looks just as bullish as the price action has been consolidating nicely above the 200w MA (pink line) and is now making a break higher. A weekly close above the recent high of 3.8c would be very positive in the short term. MACD trending nicely positive above the 0 control line, RSI turning up and stochastics breaking higher again.
Looking for overhead resistance at 4.5c to come into play for CML in the near term. Once this is cleared a run to 5c and then beyond is on the cards.
CML Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
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