If CMC continues on this current downward trend, it should hit ~0.7 by the end of March, 2021.
If/when it hits this convergence, this will be the quintessential fork in the road; it could pull back and skyrocket, or this could collapse the stock back to original price (lower than ~0.3s).
The fundamentals & news of this company do suggest a positive outlook, but short-sellers are also plentiful. The next time IIROC will be releasing data on shorts is March 31st. You can use ShortData to visualize it. This 0.7 price target will converge with this next IIROC short seller update, so this could be a massive price changer, whether positive or negative.
Expected:
$0.7 @ March 31st.
Long-term Expectation:
$1.5 - 3 for late-2021, early-2022.
Notes:
This isn't factoring the earnings call happening this week. If the earnings call is more positive than expected, consider this chart voided.
If/when it hits this convergence, this will be the quintessential fork in the road; it could pull back and skyrocket, or this could collapse the stock back to original price (lower than ~0.3s).
The fundamentals & news of this company do suggest a positive outlook, but short-sellers are also plentiful. The next time IIROC will be releasing data on shorts is March 31st. You can use ShortData to visualize it. This 0.7 price target will converge with this next IIROC short seller update, so this could be a massive price changer, whether positive or negative.
Expected:
$0.7 @ March 31st.
Long-term Expectation:
$1.5 - 3 for late-2021, early-2022.
Notes:
This isn't factoring the earnings call happening this week. If the earnings call is more positive than expected, consider this chart voided.
Comment:
Right on track!
Comment:
This should just trade sideways for a bit now; the analysis in the chart is pretty much void now. The next earnings call should be the bigger pop, or might be the catalyst to bring the stock to fall below the support. But that's an analysis for another day.
