Antonio’s Perspective on NASDAQ:CCCR

The stock has been on fire lately, surging up over 39% in the last week. After a big price-volume surge at the end of last month, pulled back a little in the first two weeks of this month, creating a falling wedge pattern. The upper line of that wedge was broken on Wednesday, on the heaviest volume in the last 15 days. The stock continued to move higher Friday and closed just few cents below the 2.90 area. This is clearly a very good sign for a continuation of the trend, and Im looking for a multi-year high breakout next week. If a breakout occurs on volume again, next key resistance is in the 4 area, my short term target. Im using the rising EMA9 as stop.

What Stockal Says

As is evident, Stockal has been observing significant activity on CCCR. Social Media Pulse is quite high and sentiment has been positive as well.

Most analysts seem to believe that there’s still some upside that can be made on the stock. Stockal’s Confidence Meter has been positive or neutral all along. It might be useful to watch which way the stock moves pre-market or when the markets open, on Monday.

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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