Awhile ago, I did an analysis of The Fly’s Smart Money Top Pick list and one of the stock was $CVI.
This morning $CVI announced positive earning result and price zoomed up accordingly. By the time I checked the chart later in the day, I was missed the run-up. Nevertheless, after analyzing the chart a bit more, it is my contention that today is just the beginning of an uptrend. I believe $CVI will test the previous high of $62.50 in the near future if general market continues to rally.
Take a look at the $CVI daily chart below:
Today solid green bar is a good mojo sign and there is also a bullish divergence in the momentum indicator below. LBR indicator reflects a favorable turning the corner with the fast line getting ready to breakout of the mid-line.
I bought a starter position and will add if price continues to advance in the near future.
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