CONTANGO ORE INC (CTGO) Stock Technical Analysis
NYSEARCA:CTGO - NYSE Arca - US21077F1003 - Common Stock - Currency: USD
Overall CTGO gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CTGO is only an average performer.
CTGO has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 20.69. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 19.65, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
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19.07
When analyzing the support we notice one important area.
- A support zone ranging from 19.26 to 19.65. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
We can see 3 important resistance areas.
- A resistance zone ranging from 20.69 to 20.95. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Resistance @21.30 from a horizontal line in the daily time frame.
- Resistance @23.69 from a horizontal line in the weekly time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for CTGO is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for CTGO is up. |
| ChartMill Relative Strength | 77.02 | POSITIVE | CTGO has a high relative strength, it outperformed 77.02% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of CTGO is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of CTGO is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of CTGO is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 57.04 | NEUTRAL | The RSI value for CTGO is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0 | NEGATIVE | The MACD value suggests CTGO has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 86.87 | OVERBOUGHT | The high Stochastics value suggests CTGO may be overbought. |
| Average True Range in percent/ATR (20) | 4.13 | MEDIUM VOLATILITY | The ATR as a percentage value for CTGO suggests some volalility. |
| Average Directional Index/ADX (14) | 17.91 | NEGATIVE | The low ADX value for CTGO suggests a weak or negative trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 20.96 | 19.25 | 1.71 (8.16%) | 12.26% |
| An entry @20.96. This is a Buy Stop order right above the resistance zone. | An exit @19.25. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 1.71 points, which is 8.16%. | When investing 12.26% of your capital in this trade, your total portfolio risk will be 1.00%. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
20.68
-0.35 (-1.66%)