Closing CL Long idea early under the down trend line.
The CL daily time frame has an up Fibonacci
with an extension price point 78.92 about
+451 ticks above the market. However the
market is near the daily down trend line
which could push the market back down.
The last three times the market was pushed
bearish, the market closed with a long wick
towards the north. It will be a good idea to close
the current long idea and wait for the market to
break and close above the down trend line or to
pull back giving a lower price before looking for
a new long idea.
Entry: Counter trend line break bullish in
the buy zone.
STOP: 64.60
LIMIT: 78.92
with an extension price point 78.92 about
+451 ticks above the market. However the
market is near the daily down trend line
which could push the market back down.
The last three times the market was pushed
bearish, the market closed with a long wick
towards the north. It will be a good idea to close
the current long idea and wait for the market to
break and close above the down trend line or to
pull back giving a lower price before looking for
a new long idea.
Entry: Counter trend line break bullish in
the buy zone.
STOP: 64.60
LIMIT: 78.92
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Related publications
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.