NYSE:CWEN Taking a speculative long position base on price action. On the daily we see the price attempting to break out to the upside only to fail on each of the previous two occasions. What is different this time? The answer is multi-timeframe analysis.
Here we see the same indicator aggregated across multiple timeframes overlayed over the 2-day chart. We noticed that that during the previous 2 breakout attempts longer term investors were not interested. This time, as marked by the yellow circles, short term traders and investors across multiple timeframes are aligned, so we take a long position with higher level of confidence.
Trade closed manually
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Short term momentum seem to have stalled. Those in for a swing trade should consider taking some profits off the table.
Comment
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CWEN is on the move again. Those risk averse may want to wait after the quarterly report is released