CENTURYTEX: Massive Move by Combining Rounding Bottom with MACD
Jan 10, 2024
CENTURYTEX: Massive Move by Combining Rounding Bottom with MACD
Using price patterns along with basic indicators such as MACD (Moving Average Convergence Divergence), one can effectively capture significant movements in stocks. See how we chose CENTURYTEX, a stock that has increased by over 15% in just 3 trading sessions.
We published the following research on CENTURYTEX pre-market on 5th January 2024 in "The Financial Waves Short Term Update” which our subscribers receive pre-market every day.
CENTURYTEX Daily chart Anticipated as on 5th January 2024
CENTURYTEX Hourly chart Anticipated as on 5th January 2024
Wave analysis as on 5th January 2024
CENTURYTEX has been moving higher recently and intact in strong uptrend. In the previous session it closed with a massive gain of 12.21%.
On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 1365 which confirm breakout of the rounding bottom pattern. MACD is above 0 and MACD line crossed above the MACD signal line which indicates that bullish momentum has increased in this stock and may continue in the coming session.
As shown on the hourly chart, we have applied parabolic SAR which used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price which is deemed to be a bullish signal. Closest support is placed at 1315.
In short, trend for this stock is positive. Use dips towards 1360-1380 as a buying opportunity for a move towards 1530-1550 levels as long as 1315 holds on the downside.
CENTURYTEX Daily chart happened as on 10th January 2024
The stock moved as we anticipated. CENTURYTEX have given breakout of Rounding Bottom with huge volumes which was a bullish sign. After a dip, prices showed a sharp rise and achieved our target and moved way above and made a life time high near 1589 levels which is more than 15% in just 3 days of span.
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