Our ALGO engine triggered a sell signal on CTX into yesterday’s ASX close at $31.15. The “lower high” structure is referenced to the high of $32.02 posted on April 20th.
Since announcing stronger profit guidance numbers on June 12th, shares of CTX have risen over 8%.
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Internal momentum indicators are now approaching the overbought area near $32.00 and a near-term correction lower looks to be the most likely direction.
We see strong resistance in the $32.25 area and initial support at $30.40.
CalTex
