CNPF: Toppish pattern

Century Pacific Food, Inc.

CNPF recently kissed the immediate downtrend resistance but failed to make a breakout despite the huge traded volume. This suggest a toppish price action and a potential sign of distribution.

*ADX also indicates a potential end to prior trend.
*Selling pressure already started.

Trading Plan
- Take some profit on short term position (like take half and profit run the rest with trailing stop in case of a retest of resistance followed by a breakout).

CNPF: Support around 18 remains strong

Century Pacific Food, Inc.

Retested and bounced off from the support at 18. The trend remains downward bias but as long as the support at 18 holds up, it will likely just consolidate around this level and a possible rebound may follow.

*Bullish Divergence on RSI.

Trading Plan
- Potential Buy near support.
- Watch the immediate resistance around 18.9/19. A breakout calls for a hold otherwise, sell.
- Tight stop (stop-loss) near 200MA or just below 17.7. Risk reward ratio could only be around 1:2 / 1:3 in the short term.
- Next support at 17.