Potential outside week and bullish potential for CNI

Entry conditions:
(i) higher share price for above the level of the potential outside week noted on 4th July (i.e.: above the level of $1.795).

Stop loss for the trade would be:
(i) below the low of the outside week on 30th June (i.e.: below $1.655), should the trade activate.

Note

UPDATED (week ending 11-Jul): No activation of trade as yet - watch, observe and wait...

Trade active

UPDATE (week ending 18-Jul): Trade activated 18th July with trading (and a close) above the level of the outside week noted in the entry conditions above. The share price closed above both 10 and 30 day MA's at the end of the trading week.

Note

UPDATE (week ending 25-Jul): Share price closed between the 10 and 30 day MA's at the end of the trading week after respecting the long-term resistance area of $1.83 from the open of 16th February 2024.

Note

UPDATE (week ending 01-Aug): A breakout to the upside occurred for CNI this week, with the share price closing above both 10 and 30 day MA's at the end of the trading week, coinciding with a close above the long-term resistance area of $1.83 noted last week. Traders/investors should consider raising stops to a point slightly beneath a prior resistance area of $1.795 formed from the open of 14th May (at the very least), which runs directly parallel with the high of the outside week noted in the entry conditions above and would, effectively, be a 'breakeven' situation should the trade completely turn against you. Trade is now considered a 'further bullish potential' trade.

Note

UPDATE (week ending 08-Aug): Further breakout to the upside occurred for CNI this week, including a gap-up on Wednesday with a low of $1.915. Intention would be to raise the stop to be a profitable stop just beneath the low of this gap-up (i.e.: say $1.90), however this lies just within the range of the current 10 day ATR ($0.047), so the charts suggest raising the profitable stop at this stage to an area just beneath the 10 day MA (currently at $1.865). The charts also suggest remaining mindful of the prior support level (current resistance) at $2.01 from the open of 24th September 2024. This is all important in the context of upcoming earnings scheduled for 19th August.

Trade closed manually

UPDATE (week ending 15-Aug): Share price tested the resistance level noted last week (i.e.: $2.01 from the open of 24th September 2024) but failed to breach to the upside past this level during the past trading week. With earnings scheduled on Tuesday of this upcoming week, it is suggested by the charts to close out this trade for a decent profit for anyone still remaining in this trade since (as we all know) earnings are essentially a 'coin flip' and can be either amazing for the share price, or absolutely appalling - risk management is key for your capital. Be grateful to the market for the profit and move on the next trade. Congratulations on a terrific result!

Ivory_Wolf

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Ivory_Wolf

Detailed commentary/updates about trades (stocks, crypto & bonds) available:

ivorywolf.start.page/ (Facebook / Telegram / YouTube / personal web-page)

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