CNQR Follow Up

Yesterday I posted a follow up note on the CNQR (short) trade idea

 This was my target zone for looking at a short position n CNQR, the 50-bar 60 min moving average, after looking at the action in CNQR and accumulation, I think that target zone needs to be adjusted higher.

 The 15 min hart shows at least 2 full days of accumulation, that would suggest a move of more then 1 day (and today looks as if it may cross in to the target zone I put out yesterday).

 The 10-min chart showed accumulation in to yesterday's late day decline in the market.

 The 5 min chart also shows about 2 full days of accumulation like the 15 min chart. I think it s possible, although I can't be sure, that the short term base of two days has a breakout level that could be as high as $50.75, which is above the $50.50 target zone, this would imply a move as high as $51.75 based on the price pattern alone.

 This is a healthy 3C chart in confirmation with price (confirming the strength).

The white box is my revised target zone, although I will monitor CNQR for any events that may alter this projection.