STTCOMP CR8, TA Long
Cre8tek Limited
SP: $0.054
SOI: 407,977,502
MC: $22m
Cash: $2.5m at 31 December 2016
EV: $19.5m
CR8 has been breaking through previous supports on low volume over the past two weeks. Each push down has been met by weak buying pressure but each push has been less effective than the last.
The dump into close yesterday looks like the last attempt at triggering stop losses and capitalising on retail trading fear over the Nationwide delay.
As each sell down has bounced off the next major support below the former, a bounce off $0.053 would signal the continuation of this pattern and towards a possible break out over the two week down trend.
The RSI has been sitting in oversold territory for the past two weeks. However, it and the MACD are beginning to trend upwards, potentially signalling the start of the reversal we’re looking for.
Disclosure: Held
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STTCOMP CR8, TA Long Cre8tek Limited SP: $0.054 SOI: 407,977,502...
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