Now we can see how CPNG is being trending bearish since a short to medium term. This stock can not get a break even when the market was bullish. The main reason is back to the stock strict obedience to the downtrending Parallel Channel. The stock NEEDS a strong momentum to break this channel up. Summary, now the price is touching the middle line of the channel and breaking the descending trend line for the first time. The stock should respect the middle line of the parallel channel(should not break 20.88). Otherwise we will see the 17 easily. ***This is a fundamental, pure technical analysis, should NOT to be taken as a financial advice ever.***
##Update## The price hit the second target and the second downtrend line, then it bounce up from the later. This could be the end of the descending price, or otherwise we can see the bottom of the channel at the worst case scenario (11-12).
ax_trading
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@awrrfe6gby, Could you please update the chart? Is it bullish now?
awrrfe6gby
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@ax_trading Updated in new post, please see the new technical analysis.
The price hit the second target and the second downtrend line, then it bounce up from the later. This could be the end of the descending price, or otherwise we can see the bottom of the channel at the worst case scenario (11-12).