The past few days CATV has put up some respectable gains. My previous chart analysis focused on mostly on the breakout that was occurring. This time we will focus on the areas of resistance identified by pivot points and the resistance we saw today during trading hours. Today the point of resistance was right at the high of the day .035. We may see some consolidation around this point but if the volume continues to increase the price should break past this point with relative ease. The next areas of resistance that will be encountered should be .03745 and .04 respectively. As we pass these areas they will be considered minor support. CATV is still down 28.33% from its ATH of .048 and only 10.42% down from its 3 month high of .0384.
In regards to the Accumulation/distribution chart If we start to see a price increase but a decrease in accumulation then this could indicate a price decline in the near future. This however is not the case as we are still seeing a steady increase on the accumulation side. For those of you who like using the RSI indicator( I utilize Stoch RSI) we are seeing the fast moving RSI at 100 and the slow sitting at 90.39. This why I feel we may have a somewhat of an accumulation period before marching to new all time high's.
P.S if there is anything I have missed please comment below and share your ideas!
In regards to the Accumulation/distribution chart If we start to see a price increase but a decrease in accumulation then this could indicate a price decline in the near future. This however is not the case as we are still seeing a steady increase on the accumulation side. For those of you who like using the RSI indicator( I utilize Stoch RSI) we are seeing the fast moving RSI at 100 and the slow sitting at 90.39. This why I feel we may have a somewhat of an accumulation period before marching to new all time high's.
P.S if there is anything I have missed please comment below and share your ideas!