CL Short at Key Pivot Level

This is a key pivot level where Supply and Demand keep fighting.
Currently in a downtrend with decreasing RSI at each Pivot High.
What was strong demand (with 3 hits) is now penetrated and became Supply.
Go short on the retrace if price returns

Trading ditutup: stop tercapai

Komentar:

Well, the level was penetrated... We'll see whether the normal level and not the pivot level would have been a better choice.

Point to note is that volume has shifted to the Z contract so any trades later today will be done on CLZ2020.

Komentar:

There was indeed some supply at the level as it responded to 1R but there was not enough downward momentum to take it to the planned 3R profit level.