Monday, November 26, 2007

Buy signal for Computer Task Group (CTGX)

CTGX got a buy signal by the system. Looking at the weekly chart, we can see the stock is on the verge of breaking a strong resistance around 4.82. The resistance has been broken before during the last weeks but could not hold for too long. The stock had no real movement since the beginning of the year but looking few years back, around 2000 we can see the stock was once around 20 so there is quite a potential here. having said that one cannot say when will this happen.

The MACD indicator is positioned above it's signal line. The Chaikin Money Flow indicate the stock was aggressively bought during the last weeks but then sold in the last two week like most of the stocks during the steep decline of the last two weeks. The bearish behavior which the stock witnessed however, didn't bring it to the initial level prior to the bullish movement and it was only a partially sold.


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