Oct. 6 at 5:05 PM
I’m noting with interest and concern that the last time
$CIGL completed it’s current 3-step pattern of a good up day followed by two small down days, its hourly candlesticks were above the hourly 50 SMA, except at the close.
Today,
$CIGL’s hourly candles have broken down through, and as of 12:47 PM US EDT have been diverging away from, its hourly 50 SMA, reinforcing the possible validity of the hourly 50 SMA to indicate the continuation (above) or end (below) of an uptrend.
I’m also trying out a new tool recently showing up on charting services, the Ichimoku Cloud — about the only forward-looking technical indicator I’ve come across. That the hourly Ichimoku Cloud has turned bearish on the
$CIGL’s hourly chart this morning is also concerning.
I will be watching
$CIGL carefully, ready to sell if the intraday downtrend is not reversed or intensifies this afternoon.
