CGF Weekly/Daily Chart Analysis EOW 16/10/2015.

We have seen a BREAKOUT on the WEEKLY TF with CGF which is a significant bullish  development suggesting a potential test of the all time high made middle last year ( Mid. 2014) and higher prices thereafter.Broken resistance around $7.40 now becomes support ( short term for now). Most significant support which I would want to see hold is the $6.50 level on EOW closing basis.

cgfweeklybo

Looking at the DAILY CHART of CGF, OBV (On Balance Volume @ the bottom window) is also registering higher peaks and higher troughs ( Dow Theory 2nd TF uptrend) since Mid. this year, adding extra weight/validity to this BREAKOUT.

I have highlighted three support points on this daily chart with Yellow which is at the $6.50 level marking the importance of this level as support in the MEDIUM TERM which must hold if this breakout is genuine.

cgfdaily

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