$CGNX Ascending Triangle
- Consolidating post earnings
- Monitoring for break through ~$52 resistance
Near term target - $54.00
Medium term target - $59.00
Note: Informational analysis, not investment advice.
CGNX has been underperforming while billions seem to be pouring into the market of late. Once a darling, and with a big nasty double top on the chart I am thinking of getting long. US markets seem to be manipulated and have painted themselves into a corner where everything MUST go up. I am making another non-Tasty Trade in my smaller reg-T account because...
Invest in CGNX until the the price breaks out of the parabolic trend. Exceptionally large preceding green bar, then <= red bar with high volume will be the indicator for exiting.
There is current somewhat concerning drop with a fair amount of volume, so wait for confirmation of low volume and regression to middle of trend prior to entry.
Large negative volumes in CGNX coupled with divergence in the DMI+ line may indicate the trend is beginning to turn.
This is further confirmed with the presence of a crossed MACD and large negative volume indicating distribution from large holders. Stop above the psychological $50 level which is also a new high. Target of $46.70. At current prices this is an...