CMCX - CMC Markets - Accumulation Event

See above what I believe to be a raising accumulation range in C M C Markets.

Clear buying climax volume signature shows market acceptance for price in this Trading range.
In phase C we see a large increase in supply. This can be considered an attempt by the CO to bring price back to down to the 90 mark. Clearly this failed as we continued to witness higher lows. This is a sure sign floating supply has been dried up after accumulation in the earlier phases of the event.

A minor SOS on the gap on the 7th June which was meet with selling pressure from retail traders looking to break even (See dead cat bounce in November 17 followed by massive gap down.
At time of writing, bulls remain in control as bull pennant is being formed around the 205 mark. Current P&F count give a target of 280 & previous ATH at 293, expect to see heavy resistance in this zone.

Heavy insider buying over the past 12 months
Continuous growth in revenue YoY since 2013
Company is in a very healthy state in my opinion.


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