CG Power Rebounds After First Major Correction Supported by StroTopic 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
