CSTM has formed a 4 month descending triangle pattern with a clear horizontal support boundary @ $7.25. The stock has tested that level 4 times during the chart pattern formation. A daily decisive close below $7.25 will confirm the chart pattern breakdown and set the stage for lower prices.Chart pattern price target is around $4.50 but $5 round number price level will act as support, so if I take this trade, I would planning on covering shorts around that level.
✔ Momentum & Breakout Trader Since 2006 | Influenced by Mark Minervini VCP Trading Style & William O'Neil CANSLIM 📈
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✔ Momentum & Breakout Trader Since 2006 | Influenced by Mark Minervini VCP Trading Style & William O'Neil CANSLIM 📈
✔ Follow me on Twitter @taplot - twitter.com/TaPlot
✔ YouTube channel youtube.com/@taplot
✔ Follow me on Twitter @taplot - twitter.com/TaPlot
✔ YouTube channel youtube.com/@taplot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.