Stock: CNVRG
Company: Converge ICT Inc.
Support: 18.75 / 18.10
Resistance: 20.00


CNVRG’s rally extended to the sixth consecutive trading day.

The bullish signals remain strong, but the momentum is already showing signs of waning. The RSI has plateaued close to the overbought region. Meanwhile, the gap between the +DI and -DI is still wide. The ADX is already flattish, though. Finally, the MACD is on a bullish divergence with increasing histograms.

Despite signs of waning buying momentum, CNVRG will likely continue to trade higher until it establishes a strong resistance.

Recommendation

Sell on rallies.

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