I almost got stopped out at 1.07 but thankfully, the buyers stepped in on Friday and gave me some breathing room. CMZ continues to trade inside of a wedge which is usually indicative of a breakout/breakdown coming soon. The volume continues to remains extremely high from a historical standpoint, but interestingly enough the stock hasn’t managed to move hard in either direction.
Right now, CMZ really needs to surge through the $1.25 mark as it is a huge psychological resistance barrier, primarily due to the secondary offering that was offered at that price. The news stating that the equity offering was delayed on Friday is interesting, although I don’t know what to make of it, Wall Street apparently embraced the news letting the stock rally over 8%.