CLFHere’s another textbook channel play on the ticker $CLF. Currently, we’re at the very bottom of the channel, bouncing perfectly on our line and slightly consolidating. Previously, there was a break to the downside but we saw a rejection at the $19.76 line of support before returning to the ongoing pattern and continuing its momentum to the upside. We don’t see any green candles currently, so there’s a chance it can break and test the new line of support at $21.94. If it does break below $21.94, we’ll be looking for a short-term short position with a goal of the $19.76 line of support that had that rejection. If it breaks further than $19.76, we’ll be looking at a long-term short position of ~$15.06 or below. However, I’m feeling bullish and I’m expecting this to continue its trend in the channel to the upside with a goal of ~$27.44. The flow is looking massively bullish and the RSI is showing room for some more movements to the upside. I’d like to see a bullish engulfing candle sometime soon or a break of the $23.58 resistance level before entering into a long-term bullish position. If it does break, we’ll be holding our bags all the way up to the top.
