CL1!: Watch for the rebound
CL1! has completed the stretch price objective for a channel breakdown at 1.382x. This price objective also ties in with an ABCD completion from the Apr peak.
You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside.
Normally on a breakdown or break-up, we would expect to see a retest of the previous support/resistance. In this case, a potential retest would be the $61.20 level which coincides with the 61.8% retracement level.
You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside.
Normally on a breakdown or break-up, we would expect to see a retest of the previous support/resistance. In this case, a potential retest would be the $61.20 level which coincides with the 61.8% retracement level.
