CEF caught my eye this evening after trading higher today by 3.28% and forming a bullish kicker candlesick signal. After Tuesday’s trading session CEF was entering the oversold stochastic territory. Today’s volume is well above average trading 3.4MM shares versus a 10 day average of 821k. Given the oversold condition and rallying very nicely today with bullish action on higher than normal volume, this could indicate higher prices to come. I am in interested buyer of CEF tomorrow if it continues through today’s high of 12.68. I’d be looking to open the position in the range of 12.72-12.75 and target around 13.50 to take profits while using Tuesday’s low of 12.20 as a stop.
- 3/9/17 update- CEF is a no play. Traded lower today and failed to continue bullish action