After making lower highs and keeping the same support in the last month, China Integrated Energy, Inc. (PINK:CBEH) has formed a bearish pattern on the chart called downward triangle.
The company’s stock has apparently been left to free float since there hasn’t been any news and reports for more than a month.
Now that technical traders have the bearish pattern at hand, it can be expected CBEH’s support will face a lot of pressure in the coming days. [BANNER]
After the last trade on Friday, CBEH shares dropped 6% to $0.74. This way, the market value of the company has stopped at $26 million. The market will have to decide how fair this value is for a company which has just been delisted from Nasdaq due to questions regarding home market accounting principles.
After the last session the negative DMI indicator rose above the positive one, showing that sellers are getting stronger. So, the focus of market speculators in the next couple of days will be on CBEH’s support where sellers and buyer will determine the next move of the company’s stock.
