Yeah 1Bacchus, I thought I have a look into HC and raise my ugly head ;-) I don't mind, which ever way it happens. My plan is set. Today, as you would expect on TA, I was first cap of the rank as the gap was closing. Been waiting there for days, just adding to my position, but let's be clear about it, this was on the cards anyway. Even though some people feel the gap story doesn't apply here, up until now one every gap got closed. What can I say, I don't care if it was a continuation gap, a breakaway gap or what ever name its given and how the rules didn't apply to the gap, good old CVI came back to close it. I really hope it will lose this trade rather sooner than later, because it needs to learn that gaps don't always have to be filled.
1Bacchus you know me I'm not trying to ramp this up or down, I call it as I see it in the charts. Rightly or wrongly I call it as I see it and then everyone can DYOR and draw their own conclusions. The point I was making earlier about going down further to probably 8 or below is still on the cards as sp is following the outline of a new falling wedge which is now on a different angle to the previous one. The bottom support line of that falling wedge is currently just under 7.9c and falling. I see sp hitting that line when ever we get there, but before we might finally get the turn around. Btw, that would again be the third time the support line is hit and "usually" falling wedges break from there.
As mentioned above now I don't think that we get to 3.4c either. It was possible in the previous falling wedge, which imho was falling faster than the current one. So we getting more of a rounded bottom now, like a softer landing. I was always thinking of the 3.4 target more like a possible reaction low like a V bottom anyway. So as you said from here it would take something real bad to happen at all. I can't see it happening, as from my current target of about 8 - 7 point something, which would be an additional 50% plus drop.
In closing though, before people start asking why I did buy more at 8.6c when I claim a lower target. I guess that's the same reason why I didn't sell all of my holding at 11c. We simply don't know when this thing might turn and closing the gap is as good a reason as any! Mind you, I enjoyed doing a profitable run (from 8.4 to 9.7c) in between and now still buying again 22% below my 11c sell. Going down from here 8.6 to say 8c, which I see as an almost certainty, is another 7% and that's sits well with my risk profile.
CVI Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
