I will be updating this idea over time as time goes.
Note, CPG may spend more time accumulating, so need to exercise a lot of patience while it accumulating. In any case if bought inside this broadening formation the gains will be significant over 1-2 years of holding.
Next task for bulls is to break 3.43 -> 3.28 gap, which will be a resistance. Closing above it will show real strength.
On these negative news price dropped almost 9% but recovered with high volume printing a daily candle that looks like hammer. It is not ideal hammer but good enough for me considering its volume. It could be stopping volume appeared second time on the chart.
To my opinion, it is good opportunity to enter or add to position if we see follow up candle next couple days.
Major rally should start when we break "Gap down" area upward.
Next big task is to break latest pivot high at $3.55 and close the day above it leaving 4 months long accumulation range for a long waited rally.
Meanwhile congratulations who was accumulating this stock with me. The worst is in the past. Now we just wait for long time. Until reversal pattern shows up at the top on weekly TF. It’s more investment idea than trading idea.
If drops further - buy more.