Thanks for the chart on CTX Totters. I've used longer timeframes than the 5 min but interestingly I get roughly the same short term trading range as you've indicated with the red pitchfork. Zooming out the upper tyne of this fork coincides reasonably well with a longer term downtrend line seen on the weekly where the momentum is currently upwards, but approaching that resistance line:
On the daily, its already bounced off that line and the momentum on this timescale is now down:
Whereas on the hourly I start to see the same thing you're seeing:
On that timeframe there's a short term uptrend line based on two slightly lower lows earlier this month. If it manages to close above that dotted red line Monday there's a chance it will reach the resistance line again, which is where I agree a short would be worth a go. Otherwise, I think we'll see it go below $9 again before turning and returning to the longer term uptrend (which coincides with fundamentals valuation which suggests CTX is very cheap at these prices).
Cheers, Sharks.
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