CTD Potential 20% Profit on Trend Break

19 Nov 2019

We are looking at potentially up to 20% profit if we break up and above $20.80.

DYOR carefully on this stock as it has the potential to reject off this trend line and fall back to the $17-$18 levels. If that becomes the case, we can re-assess entry.

Comments and feedback always appreciated!

21 Nov 2019

Nota

Looking at the 4hr chart, we can see that we have had a couple of rejections at the daily downtrend. Potential to drop back to around $19.50 (2-3%) from here which is the next support level. From there we will either get a push through the trend or a further drop to roughly $18.00 levels. Trade is not active until we have a break or a change in structure. Stay tuned for updates.

2 Dis 2019

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It's not the best breakout I've ever seen, however price has moved outside of the downtrend, reached above 20.90 and this trade is now active for me. I would expect a likely retest of the 19.30-19.70 area (marked on chart with box) and I could either enter now or on this retest. My SL will be placed at 18.75 zone as this is below strong support. I have added fibs to the chart to support the TP target of 24.01. This trade is valid for me whether we have a full market reversal or simply a mid-term fib test.

3 Dis 2019

Nota

Note the retest zone is now happening. I'll be watching my trade closely at this point as I want to see a clean bounce and continuation upward. Our next level of resistance is around $22.00, lining up with the 38.2 fib.

21 Dis 2019

Nota

We have now successfully retested the zone mentioned above and moved upward. We have not yet broken through the next level of resistance around $22, however we might be able to get through on the next push. Once we are past $22, we can move our stop loss up a bit closer to the price action.

26 Dis 2019

Nota

We are currently approaching a new retest zone around the $20.15 zone. This lines up with our new uptrend, the 61.8 fibs and a medium medium strength support level. We should see a bounce here to keep heading North. As always, trade safely, give the trade time to play out and never trade without a stop.

9 Jan 2020

Nota

We have now completed our retest and in the process formed a bull flag, which is good news because this is a bullish continuation pattern. Our next goal for price movement is around the $23 mark. Continue to monitor and move SL up to protect your trade if you wish.

7 Feb 2020

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Unfortunately along with many other companies operating in this space, CTD wasn't "immune" to the recent health event (pardon the pun). With virus fears and uncertainty in the markets, we saw our trade reach over half way to our target before crashing back to the old safety zone. If had a stop in place, likely you are out of this trade. If you were moving your stops up, then you may have banked some profit. If you are still in the market (like me) you might consider staying in the game or doubling down to bring your entry lower. It's easy to see that price is sitting on strong support. If you missed this trade originally, now is a great time to buy in with very little downside risk. As always, do your own research and trade what you see. Try to always trade safely with stop losses. St tuned for more trades.