Topic Statement:
CG Power has made its first significant correction and is now set on a recovery path in line with the broader market rally.
Key Points:
* The stock respected a major trendline, receiving strong support during its recent correction
* It found repeated and substantial support at the 50% Fibonacci retracement level, reinforcing its base
* The correction was signaled by a head and shoulders pattern clearly marked on the chart, leading to the recent pullback before the recovery began
* The stock price is very expensive as it is mostly overextended above the 200 day exponential moving average
CG Power has made its first significant correction and is now set on a recovery path in line with the broader market rally.
Key Points:
* The stock respected a major trendline, receiving strong support during its recent correction
* It found repeated and substantial support at the 50% Fibonacci retracement level, reinforcing its base
* The correction was signaled by a head and shoulders pattern clearly marked on the chart, leading to the recent pullback before the recovery began
* The stock price is very expensive as it is mostly overextended above the 200 day exponential moving average
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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.