27-Nov-2023 : Keeping it Simple with Price Action & Technical Analysis.
The resilience of a stock is determined.. when the overall market tanks almost 1% as it happened today. In this down market, CU6 bucked the trend to close almost 4% up... and in the way.. almost completing the "Cup & Handle" pattern with probability of more upside and a fresh new uptrend in nascent stage.
When we go deep into the charts of CU6, we can see where that resilience comes from; * CU6 floated in Aug'21 at an issue price of $ 1.26. It then went in a bear phase, that ended in Jul'2022 * Since Jul'22, the stock has been in a slow upward burn... as can be seen with the "GREEN" higher lows. * The first leg of that upward journey seems to now have closed with the stock almost close to the issue price, and has completed a bullish Cup & Handle with the new upward move having started since start of Nov'2023. If this maintains its up move, the RED resistance zone would then become the new support.
CU6 Price at posting:
$1.34 Sentiment: Buy Disclosure: Held
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