No retracement here atm ... but she has been tracking sideways in consolidation mode for over two weeks now.
If you look at the chart, it is quite stunning. It blew right out of the bollinger on May 12, and looked set to retrace. Howver it has tracked in the mid-upper region of the big bar since then.
This is one of the best patterns around. A lesser stock would have fallen back to the support level. Yet either through enough buyers, or a lack of willing sellers it has moved sideways to allow the MA to move up to the SP, rather than the SP move down to the MA ... brilliant stuff.
This is building up pressure each day as the MA approaches. Having had opportunity to drop in price at this point, most times stock in this position move up from here under the pressure created. I expect CXM to do the same.
I remain very bullish ... this is a big BUY at this point for me
cheers
CXM Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
