RIV - This is an update chart with some new observations when taking a few steps back. I am bullish here although this is naturally a bearish Pattern. Of course this could easily break down and run into a downtrend. Im just more on the side that history may repeat itself here.
TSXV:RIV appeared on the screener for MACD Crossover play. Looking further into trade setup we can see that it found similar support as back in early January with the exact same indicator buy signals.
MACD Crossed over
Stoch and RSI at healthy levels
ADX curve has a fantastic trend strength
Wave trend oscillator showing a buying opportunity just a few days...
The bears can't seem to get any followthrough with this bear flag. Big bull volume today with next to no pullback. MACD is about to cross bullish and an ascending triangle is breaking bullish in the RSI. If it can break above the resistance line around 3.70 and hold above the 12 day EMA, this could be a good time to enter long.
Slope of the curve is shallowing and volume dropping off with tightening range. May drop a lag lower first, but I'm waiting for a break in the RSI trend line, and a break of double-top 4.15 resistance with some volume to confirm reversed daily trend. Unless big news hits, it could slowly rise, forming the second half of the cup before hitting 6.34 resistance...
Here is my TA for Canopy Rivers Inc,
We find ourselves in a downtrend channel from which we need to brake out in order to change the mood.
With the MACD Continuing Divergence, which is a Bullish sign, we now need to see higher lows and lower lows in order to breakout from this channel.
What is you're opinion on this stock ?