3/21/2019

$CFMS tapped the 52wk high during yesterdays session and has broken it during PM hours today and was rejected at the 1.272 fib level. $CFMS is on Sykes WL this morning as a ticker to watch for a possible bounce play. Looking for this puppy to tank shortly after the open for a bounce play.

Looking at the 2.26 area as a possible entry point (.786 fib) 2.26 was also a strong support level back in DEC & JAN 2018 $CFMS has had 7 consecutive green days.

This is the longest consistent long price action for a couple of years.

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UPDATE:

3/21/2019 Market Close

Price action almost drop down into my trade range of 2.26, the recorded low was at 2.32.

Price did hit the 52wk high of 2.95 but could not break through. Now we pounder whether or not price will rebound and break the high or continue to fall.

My custom scan has a rec. of hold whilst stock analyst are giving it a buy. Now it comes down to what do I think or even more so what do I feel about the price aciton.

Looking at the historical price action it has had a monsterous run up starting on march 12th at around 1.26 with today being the first red day closing at 2.43. Today price broke the uptrend but will it continue falling or will it turn and head back up to break the 52wk high.

$CFMS has had some decent numbers recently so it should still break the high in a few days, but I do think it will continue to pull back a little more. Im still holding for a 2.26 entry.

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UPDATE:

3/22/2019

$CFMS hit a low of 2.11, I didn't get in because in my opinion if price continued to fall it was going to the basement.

Syke's alerted that he bought in at 2.12 but got out at 2.15, he felt it didn't have a strong enough panic and I concurred with him.  But I still believed that if price was to hit 2.26 it would head back up to break the 52wk high or at least get close to it.

Price did rebound and my 2.26 entry level was hit and I entered a long trade, now it's watch and see what happens, again I placed a mental stop at break even and will most likely hold over the weekend.

Trade On