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AwesomeAvani
Aug 10, 2023 11:22 PM
CTRM High Tight Bull Flag in Consolidation LONG
NASDAQ:CTRM
30
Castor Maritime Inc.
NASDAQ
Description
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Aug 10, 2023 11:22 PM
CT
CTRM jumped about 20% with earnings in my idea published as that was occurring.
It is now in consolidation for two days on the 30 minute chart in what appears to be
a high tight bull flag pattern. These patterns are typically predictive of a bullish continuation
with decent reliability. The continuation can can be as much as the height of the flag
pole which is about 0.13 and so a continuation could be in the neighvborhood of 13/57
or about another 22% higher.
My trading plan is I will buy when price breaks above the flag's parallel channel with a stop
los below the channel. If there is a breakdown I will consider going short with a stop loss above
the parallel channel. Longside my target will be 20%. If I go short, I will target a 50%
retracement and so about 10%. For the time being, CTRM is on my penny-stock watchlist
as a long trade.
Comment
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Aug 11, 2023 4:08 PM
Price testing a breakdown from the channel and then returned. No trade on the fake up. Patient wathing.
Flag
CTRM
hightightflag
Bullish Flag
bullishcontinuation
consolidation
retracement
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