Hey all, CXO hit my entry point yesterday morning, Entered at...

Hey all, CXO hit my entry point yesterday morning, Entered at 0.24. Wanted to post a chart in the chart thread to add to the discussion.


6month/daily

Firstly, The fibonacci band shows that it rebounded before hitting the 61.8% line @0.205.
I've still got a buy order open at 0.205. However, it is currently sitting on the 50% line @ 0.24.
Will be interesting to see if it breaks through the 50% line or it moves between 0.205 - 0.24.

RSI is still leaning towards the oversold side at 41.1 (good sign to buy).

MACD is hovering around 0. The signal line is still on a downtrend. However, it looks like the MACD line is starting a reversal.
It will be a good affirmative when the MACD crosses over the signal.

Volume seems to be picking up. Not really too bothered about volume at this stage.

Personally, the final tick to buy was the candlestick patterns since 16 Feb.

16 - 17 Feb shows the sellers trying to push the price down without success as it was absorbed by buyers.
18 Feb green candle was a support to this momentum.
19 Feb was the final gateway to continue the continuous downtrend, as can be seen in the trade yesterday on the 22 Feb.

I think the signals indicate a reversal is in play, will be interesting to see how this plays out this week.

DYOR and GLTAH