$CL Bull Trap?
If history has taught me anything it is this...
"They'll make the chart look as bullish as possible before the rug"
And when I look at this chart, my immediate reaction is bullish. But upon closer inspection I see some warning signs.
1.) $85.9 seems to be incredibly important. More importantly, we are below, and failing yet another retest of it.
2.) I have this idea of "springboards," its the idea that below support and above resistance there is a number offering support/resistance in each retest. In this case $82.09. It's when this number ultimately fails that you get the bigger move. Ex. Sell $85.9 OR break of $82.09
The R:R is sharply to the downside. But timing is everything here. If wrong, $102.4 target, if right $53.11 target.
"They'll make the chart look as bullish as possible before the rug"
And when I look at this chart, my immediate reaction is bullish. But upon closer inspection I see some warning signs.
1.) $85.9 seems to be incredibly important. More importantly, we are below, and failing yet another retest of it.
2.) I have this idea of "springboards," its the idea that below support and above resistance there is a number offering support/resistance in each retest. In this case $82.09. It's when this number ultimately fails that you get the bigger move. Ex. Sell $85.9 OR break of $82.09
The R:R is sharply to the downside. But timing is everything here. If wrong, $102.4 target, if right $53.11 target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.