CGF.ASX Long Term Outlook.

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.

cgfmonthly26012019

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