CXL
- First time doing a written analysis on CXL
- Since IPO, $1 levels were a resistance until Nov 2020 (purple dotted line) when it turned into a support.
- R1 resistance – Sideways for more than 2 months
- R2 resistance – Sideways for 2 months
- R3 resistance – Sideways for more than 2 months
- R4 resistance – Sideways for 1.5 months
- R5 resistance – Sideways for 1 week before testing short-term support
- Today, it strapped rockets and never looked back
Pros
- Stock respects the short-term support a lot
- After testing the mid-term support, it usually breaks out from the overhead resistance after a few days
Cons
- Holding this stock would require a lot of patience as it take a couple of months of twiddling your thumbs before it breaks out
- Low daily average volume -> Below 500k shares
Summary
- Yesterday’s test of the short-term support got me excited as this is the kind of rebound entries that I trade -> The setup for a rebound trade would have a borderline 10% risk
- I’m not a patient person to wait a few weeks for my stocks to move; thus, I didn’t get in -> Hindsight is 20/20 of course
- No good setup for entry unless you use intraday strategies
- R is more than 10%
- Strategy-to-buy (DYOR) – Suggest waiting for retracement and successful rebound
- First time doing a written analysis on CXL
- Since IPO, $1 levels were a resistance until Nov 2020 (purple dotted line) when it turned into a support.
- R1 resistance – Sideways for more than 2 months
- R2 resistance – Sideways for 2 months
- R3 resistance – Sideways for more than 2 months
- R4 resistance – Sideways for 1.5 months
- R5 resistance – Sideways for 1 week before testing short-term support
- Today, it strapped rockets and never looked back
Pros
- Stock respects the short-term support a lot
- After testing the mid-term support, it usually breaks out from the overhead resistance after a few days
Cons
- Holding this stock would require a lot of patience as it take a couple of months of twiddling your thumbs before it breaks out
- Low daily average volume -> Below 500k shares
Summary
- Yesterday’s test of the short-term support got me excited as this is the kind of rebound entries that I trade -> The setup for a rebound trade would have a borderline 10% risk
- I’m not a patient person to wait a few weeks for my stocks to move; thus, I didn’t get in -> Hindsight is 20/20 of course
- No good setup for entry unless you use intraday strategies
- R is more than 10%
- Strategy-to-buy (DYOR) – Suggest waiting for retracement and successful rebound