After a massive selloff, breaking the 2016-2018 uptrend line, CL will likely find support at the bottom of this range, and the Yearly Pivot.
Its very unlikely we continue down from this current level - and a much higher % probability is that we get a DCB/Relief Rally
Bargain hunters will step in short term, short sellers will take profit, and we will see a push back up.
Weve got quite the ceiling overhead now, including:
Resistance, turned support - broken
Broken Downtrend Line
E.Q of the Yearly Range
After a quick visit to this area well get a strong rejection, and eventually break down out of this range.
Now the market tends to move symmetrically, and if we get rejected at our old ranges E.Q - break that range, and move down - i would expect to find support at the next E.Q to the downside.
Short $64
Target $45
Its very unlikely we continue down from this current level - and a much higher % probability is that we get a DCB/Relief Rally
Bargain hunters will step in short term, short sellers will take profit, and we will see a push back up.
Weve got quite the ceiling overhead now, including:
Resistance, turned support - broken
Broken Downtrend Line
E.Q of the Yearly Range
After a quick visit to this area well get a strong rejection, and eventually break down out of this range.
Now the market tends to move symmetrically, and if we get rejected at our old ranges E.Q - break that range, and move down - i would expect to find support at the next E.Q to the downside.
Short $64
Target $45
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.