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CPG Trade Idea

CPG (Cresent Point Energy) looks good up to any or all of these targets (unadjusted) on this breakout above the bullish falling wedge pattern, confirmed with positive divergences.

CPG daily Sept 14th

CPG daily Sept 14th

As I'm still behind on updating the official trade ideas, this will be an unofficial trade idea for now. Unadjusted price targets mean that those levels show on this chart are the actual resistance levels where a reaction is likely. Typically, I set my price targets and/or sell limit order(s) slightly below the actual resistance level in order to minimize the chances of missing a fill, should the stock reverse just shy of resistance.

The first target zone, again unadjusted, is a resistance zone that runs from 7.93 to 8.20 although I favor a move closer to the 8.20 level before the first decent reaction.

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2018-01-21T22:10:49+00:00Sep 14, 2017 10:12am|Categories: Unofficial Long Ideas|Tags: |2 Comments

2 Comments

  1. tradelikeamerchant September 20, 2017 7:48 pm at 7:48 pm

    In my opinion CPG is still a a buy now. It’s at 7.73, about a percent higher than the older chart above. It’s pulled back and up again in a smoothly fashion. The MACD has just pushed upward slightly above the 0. Also the oil stocks seem to be rallying.

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  2. rsotc September 20, 2017 10:27 pm at 10:27 pm

    Agreed 100%. Great looking chart on CPG with textbook price action recently: Breakout confirmed with above average volume, followed by a perfect backtest of the wedge, followed by another impulsive thrust higher. Nothing is 100% in trading but it doesn’t get much better than that. CPG still looks good up to at least T1 & quite possible T3 over time

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