CL Daily falling towards up trend line
The CL daily time frame is in a large up trend.
The market is moving from a high price towards
a future low price. There is a down Fibonacci
with an extension price point 83.55 that meets
the daily up trend line. It is expected the market
to push bearish towards 83.55 then U-turn Bullish.
If the market holds at the up trend line. It is
expected the market to push towards all time
highs near price point 147.27 about +5,808
ticks above the market. It will be a good idea
to stay out of the market until the daily up
trend line is hit. Then after the market hits
the daily up trend line to look for a bullish
reversal before turning to the one hour time
frame and looking for long ideas.
The market is moving from a high price towards
a future low price. There is a down Fibonacci
with an extension price point 83.55 that meets
the daily up trend line. It is expected the market
to push bearish towards 83.55 then U-turn Bullish.
If the market holds at the up trend line. It is
expected the market to push towards all time
highs near price point 147.27 about +5,808
ticks above the market. It will be a good idea
to stay out of the market until the daily up
trend line is hit. Then after the market hits
the daily up trend line to look for a bullish
reversal before turning to the one hour time
frame and looking for long ideas.
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.