CPV Chart Thread, page-91

@nateOstrike

Based on the charts posted below, I'm afraid I have to go with falling through. Weather forecast not good according to these.

Next check-in point is around 38c.

One thing to note though is that the daily RSI is at 32, which is coming up to "oversold" which is at 20. If that gets to to 20, there may be some relief in sight at that point (equally there may not).

But as @zmans is fond of pointing out on this thread, don't forget to keep an eye on the fundamentals as well. CPV announced yesterday that a significant options holder had converted them to shares, which were newly issued (added to the pool of shares that are in the market). That means two things:

1. More shares around (aka a share dilution)

2. A fresh injection of cash into the company.

And as @@Katana and others have said too, the options holders are currently exercising their options (at low strike prices), the implication being that it will cause the price to drop as we are seeing now.

But getting back to the charts, I'm pretty sure it will keep falling, with the next support at about 38c. And if that breaks the 50 week moving average which is currently a bit above 34c (the darker blue line on the weekly chart).


Weekly chart (below): Elder Force (volume) negative (selling) and continuing to fall (selling increasing). RSI support line at 53 is breached and MACD lines look about too cross over to the downside (selling momentum increasing).

Daily chart (lower): Very similar story to the weekly. RSI is 32 though: if it reaches 20 it will be oversold, which sometimes means that selloff relief is in sight. Not always though.