Jun. 23 at 4:31 PM
$CVE after the head and shoulders breakdown, we saw the measured move play out, then a hammer printed Friday. Not at a major support zone, but enough for bulls to attempt a short-term pivot.
Yesterday’s follow-through adds some weight to that bounce, suggesting buyers are trying to reclaim near-term control rather than just fading the move.
That said, overhead resistance is still very real here. A retest of the prior neckline area from the inverse structure could easily bring supply back into the tape.
This is more of a reactive bounce than a clean reversal so far. I’m watching whether momentum can actually build or if this turns into another lower high.
