Earliest data December 2007 High was $15
Most recent data, January 2013 Close 15/01/13 was $11.64
Low following GFC was $4.18 in November 2008
Dominant trading pattern was a trading range between $7.32 and $9.44, for three years from September 2009 to September 2012. This trading range is centered along the line of the 38.2% Fibonacci retracement level.
Currently the share-price is in a six month impulsive move higher which has broken above the trading range.
Momentum indicators suggest the stock is now over-bought with the RSI above 70 but the impulsive move is still strong, and the trend therefore likely to continue.
“Adumbration” for Crown 2013
- The share-price has broken up through the 61.8% Fibonacci level
- The next target assuming momentum continues is $15, the 100% retracement level.
- RSI and MACD suggest that the stock may be over-bought and the stock-price about to undergo a correction
- If so then a $15 share-price is still a way off, but is the next target.
- If the stock was on one’s radar for acquisition, I would be monitoring the daily chart for a pull-back which found support at the upper level of the trading range (about $9.50) to enter; if the stock price continued to rise, a break-out entry above $12 would be justified..
- Market Turning Points (safehaven.com)
Categories: Chart Analyses
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