Tech Charts: CNVRG | Oct 6, 2021 | Regina Capital


CNVRG keeps hitting new all-time highs and is now trading at precarious levels. It’s been getting cozy in the overbought region since mid-August (rebal period), which leads us to conclude that the RSI is not a reliable indicator for the particular stock. MACD signal lines, however, are showing increasing buying pressure–further supported by DMIs’ steady buying momentum. Based on yesterday’s bullish candlestick, there may be a continuation of the uptrend later today. Take note, however, that average share price volatility is at significantly high levels. This means that while CNVRG continues to rally, the possible correction could be bloody.

Take profits.
Support: 40.00 / 36.00
Resistance: 44.00

SOURCERegina Capital Development Corp.
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