CBI just completed a gap-fill. Today shares declined approximately 4% on below average volume. We view this activity as a setup for consolidation and upward price action. To the downside we are assigning a stop just below $36, for upside we are setting a $43.50 target. We recommend investors scale into their positions around $39.
Good luck to all.
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Breakpoint
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While we are seeing some support at $35, momentum still appears negative. We remain cautious.