$CLI has shown strength over the past few days with the first wave moving the stock from a 1.3c base to a 3.5c high (+170%) before retracing to the fib 50% mark on declining volume, from here the volume has ticked up with heavy volume at 3.3c then 3.5c respectively.
Poised to break out to the top side the target for the next wave is the twice tested resistance level at 5.0c. If this plays out then it represents a 47% move from current levels and would reset the market cap of the company to around $15m
Support at 3.2c (or -9%) has been heavy therefore becomes the SL point for this trade concept which gives the trade a risk reward ratio of 5
Poised to break out to the top side the target for the next wave is the twice tested resistance level at 5.0c. If this plays out then it represents a 47% move from current levels and would reset the market cap of the company to around $15m
Support at 3.2c (or -9%) has been heavy therefore becomes the SL point for this trade concept which gives the trade a risk reward ratio of 5