I am watching CGF.ASX from the sidelines for now as it had downgraded it’s profit guidance. Technical warnings were obvious, and on hand, prior to this downgrade with bearish targets in place.Bearish PnF target of $9.60 which I have published while ago failed to halt the decline. CGF is now considered to be in a major downtrend.
We now look for chart support levels where the decline may come to a halt/stop with this annuities provider which in my opinion deserves to be charted.
Quick glance at it’s monthly chart shows us a support all the way from $6.00 – $7.00 which was the trading range from 2014-2015. A zone worth keeping an eye on from here on…..
Weekly charts may now be utilised to drill things down as potential SELLING CLIMAX may have been set which is too early to call yet. FLAT PRICE ACTION BEHAVIOUR at current levels is what may unfold for a while.
Disclosure : I have no open positions with CGF.ASX.
Chart is courtesy of tradingview.com and it is FREE.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.