CNC retesting multi-year resistance! Will it finally break?
CNC has had $74.50 as resistance since mid 2018 and it's currently being tested again.
Recently the Price Action has been sticking very close to this resistance. This generally indicates that a breakout is imminent. If you go back to 2018 you can see that the PA has never stuck this close to the resistance point.
Will it break?
Your guess is as good as mine. Judging from the bullish PA, I'm going to put money on it breaking out.
Volume is also signalling towards a breakout.
Final thoughts:
* Long term view shows a steady up-trend
* Price sticking close to multi-year resistance
* Day-to-day price action and volume shows that it's ready for a break
* Look for buying opportunities once a breakout is confirmed. I'd be looking for a weekly close and hold above $74.50
This is one to keep an eye on in the coming weeks.
P.S: This is the monthly log chart of CNC
Recently the Price Action has been sticking very close to this resistance. This generally indicates that a breakout is imminent. If you go back to 2018 you can see that the PA has never stuck this close to the resistance point.
Will it break?
Your guess is as good as mine. Judging from the bullish PA, I'm going to put money on it breaking out.
Volume is also signalling towards a breakout.
Final thoughts:
* Long term view shows a steady up-trend
* Price sticking close to multi-year resistance
* Day-to-day price action and volume shows that it's ready for a break
* Look for buying opportunities once a breakout is confirmed. I'd be looking for a weekly close and hold above $74.50
This is one to keep an eye on in the coming weeks.
P.S: This is the monthly log chart of CNC