I feel it's close to a good move since revisiting this stocks chart.
the bollinger bands are pinching and the price channel suggests selling at 17cents is outside of potential trading range...i.e should stay at 17.5 based on recent trading history and only impatient money exiting. The stochastic is oversold and but has turned up. But the big thing for me is volume, which has pretty much dried up.
I'd like to take a large buy but have only taken a few today and will wait for confirmation of a break. Which I feel may happen this week on volume if we can hold 18.5
one large problem for stocks like this is Australian Small Cap Investor and other newsletters that bring in alot of volume on prices too high to maintain. Often with bad timing for the chart.... such as BCN the other week. The wise money sells out waiting on these pumps only to buy back cheaper with patience. The punters who rushed in eventually tire and the stock fades away and moves sideways. The charts shows some interest at these prices and seems over sold to me.
CFU Price at posting:
17.2¢ Sentiment: LT Buy Disclosure: Held
