CL - Trade Idea
Heres my view on CL. as can be seen on the daily, we are in a downtrend since Jan, current market conditions are not helping that by any means but I dont believe the downwards momentum is over yet.
We have bullish divergence on the MACD but in my experience divergence on the MACD rarely works out, maybe we will see some short term upside. what's really pushing me to be bearish on this is that we are below the the 21 EMA with a squeeze beginning on the TTM.
With a squeeze forming on the TTM and TTM Wave C showing heavy momentum below zero theres around a 90% chance of a continued move to the downside so with that in mind and current market conditions Im expecting a move downwards possibly to the area of 65 over the course of a month.
Always make sure you do your own analysis before placing any trade.
This is not investment advice, only for educational purposes.
We have bullish divergence on the MACD but in my experience divergence on the MACD rarely works out, maybe we will see some short term upside. what's really pushing me to be bearish on this is that we are below the the 21 EMA with a squeeze beginning on the TTM.
With a squeeze forming on the TTM and TTM Wave C showing heavy momentum below zero theres around a 90% chance of a continued move to the downside so with that in mind and current market conditions Im expecting a move downwards possibly to the area of 65 over the course of a month.
Always make sure you do your own analysis before placing any trade.
This is not investment advice, only for educational purposes.
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