CMRX 2/7/2020

Analysis-
Daily chart- After long downtrend, price has been in sideways market between 1.24-3.38 for 638 days. After making a move to resistance on July2020, price fell and found support from 200 MA then working itself back to resistance and finally breaking out. After breakout of 40%, price pulled back but was supported by 10MA were it went on to make another move of 111%. The bounce of the 10ma signals very strong bull strength. Since that move, Price has found resistance @ 9.33 area but has made a series of higher lows and is still supported by 10ma. This is all signaling very strong buy strength by bulls. Will look into 1hr chart for possible entry.

1hr Chart- Price is current above both 50 & 200 MAs, showing us the uptrend on the 1hr chart. The price bounce off Resistance area of 9.33-9.51 with the exceptions of a few false breakouts. It has now made a series of higher lows into this level showing us buyers willingness to buy at higher prices. On 2/5/2020, price broke above resistance and bounced off turning resistance into support. This is my entry signal.

Entry: 9.73
Stop Loss: 8.85(-9.14%)
Initial Target: Trailing 10MA on daily chart
Support and ResistanceTrend Analysis

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