The CATV train that couldThe past few days CATV has put up some respectable gains. My previous chart analysis focused on mostly on the breakout that was occurring. This time we will focus on the areas of resistance identified by pivot points and the resistance we saw today during trading hours. Today the point of resistance was right at the high of the day .035. We may see some consolidation around this point but if the volume continues to increase the price should break past this point with relative ease. The next areas of resistance that will be encountered should be .03745 and .04 respectively. As we pass these areas they will be considered minor support. CATV is still down 28.33% from its ATH of .048 and only 10.42% down from its 3 month high of .0384.
In regards to the Accumulation/distribution chart If we start to see a price increase but a decrease in accumulation then this could indicate a price decline in the near future. This however is not the case as we are still seeing a steady increase on the accumulation side. For those of you who like using the RSI indicator( I utilize Stoch RSI) we are seeing the fast moving RSI at 100 and the slow sitting at 90.39. This why I feel we may have a somewhat of an accumulation period before marching to new all time high's.
P.S if there is anything I have missed please comment below and share your ideas!
CATV trade ideas
CATV trend continuationAfter the 50SMA and pennant break out on Friday; CATV did not disappoint. Today marked the 3 white soldiers candlestick pattern which shows a trend continuation success rate of around 90%. During trading today we saw minor resistance where it gapped up around .0275; additionally after filling the gap we saw minor resistance at .03. We can also see increased accumulation as displayed in the accumulation/distribution chart and daily volume increasing above the average. The volume and buying pressure are expected to continue throughout the week.
On the company side of things CATV CEO Michael Feldenkrais was recently seen with Lou Ferrigno of Ferrignofit displaying their newest product HIP CBD alkaline water. Q1 financials are expected to be released by May 21st based on the Notification of late filling released on 05/17/2021
CATV breakoutFrom a chart analysis standpoint CATV is showing very bullish indicators. Closed Friday above 50day SMA on the daily chart and just broke out of the bullish pennant pattern as well. Regarding the accumulation/distribution indicator its easy to see that its been in the accumulation phase for quite some time. On the company side of things CEO is making big moves and quickly building the company. Tons of DD posted on stocktwits, Name change pending. Perfect storm for a huge breakout. Excited to see what happens this upcoming week.