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CAL seems to be facing a formidable resistance. 200 sma provides the visual how prices weren't able to puncture that 200 sma. On another note, today is the last day to buy before the dividend ex-date on the 14th of May. As usual a lot of people sell on the day before the ex-date and this is one typical day of them.
It is my opinion that the real strength and vote of confidence will be tested after the dividend ex-date. Prices should soon be establishing the real market sentiment on CAL. Should an uptrend be carved out of the price movements, then CAL might be turning around. Should the market still be undecided, expect prices to consolidate into a pattern or trading range.
Please be reminded that trading of CAL shares is under investigation and possibly under court proceeding as of the moment. Should there be any signs of improvement or recovery it should be appear on the charts one way or another.
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