(News Bulletin 247) – On the basis of a graphical argument, News Bulletin 247 analysts selected CGG for active investors.
KEY GRAPHIC ELEMENTS
Since the formation of a school marubozu on September 21, CGG stock has entered a lasting bearish phase below its 50-day moving average (in orange). The bearish gap of January 17 gave more meaning to this bias, but brought the stock into an oversold zone. At this stage, the RSI sends a militant signal for a bullish, technical-type protest reaction.
FORECAST
Looking at the key chart factors we mentioned, our view is bullish on CGG stock in the short term.
Active investors will take a buying position on the CGG stock at a price of €0.399 with a target of €0.499 in their sights. They will protect their capital by placing a stop at €0.349.
News Bulletin 247 advice
DAILY DATA CHART
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