2-Jan-2024 : Keeping it Simple with Price Action and Technical AnalysisHappy New Year Everyone.
I am working on a few Stock Screeners for myself this year, and my idea is to test the outcomes by posting the screener results along with my analysis in the new year. Will appreciate any feedback/suggestions.
One of the screeners is for target stocks that have been in an UpTrend and have corrected and now showing signals of catching their uptrend again. I may or may not own these stocks and my analysis can have errors... so by default.. DYOR.
One stock found today is CZR Resources.. Lets see what I can analyse..
* The
chart is a "2-Day" chart for the last 1 year.* CZR had been in a
downtrend since Jan'23, but has been in an upmove since Oct'23 with higher lows.* The RED zone and RED arrows show the resistance at various points
* The GREEN zone had been a resistance area for a long time, but polarity switched successfully and it has now become a Support Zone ( Last Green Arrow )
* The candles of the last few weeks show good strength and indicate that the strength will successfully hold.
* If it can hold this support, then the probability will be high for it to breach the Resistance zone immediately above and break that last high swing. Doing that will establish a good up-move.
* I can also see an "Inverse H & S" formation [ In BLACK ] , that validates the switch of Resistance/Support zone.
(20min delay)