There's a lot of action going on here in a short time span. I have identified three different stock patterns in CIDM over the past 6 months. The first pattern is a simple horizontal channel. The second is a head & shoulders pattern. The third (current) is an ascending channel.
I drew the fib retracement starting from March 2020 lows and sure enough, it pinpointed a few key levels, the 786 fib line being one of them and CIDM is testing that as we speak. Depending on the volume and if this news event has some legs, CIDM could be one of the penny stocks to watch this week. A lot will likely come down to how it will close the day on...
Cinedigm Corp (NASDAQ:CIDM) The rising 200-day exponential moving average has been a good support reference point for this name to take long positions and that was exactly what I did last week. Lets see if we can get another leg up to retest the 1.60 area again.
The Idea is to hold before going long. Go long only if the resistance 1 will be broken.
Cinedigm Partners With Spherex to Expand International Content Distribution Capabilities
Cinedigm reduces total debt by 47% and annual interest expense by 37%
NASDAQ:CIDM
