CCJ: Potential Gap Fill to Upside
CCJ's price action seeing responsive participants with alternative energy leading the market amidst heightened oil prices. While key levels on acute time frames are being tested by both buyers and sellers, CCJ's weekly optics present continuous range extension. While price action has begun to pierce a gap previously seen from April 2011, KL of 28.45 would be more indicative of reclaim in higher value areas (30.71) ; Continuation into mid 30's would materialize a cup and handle pattern on the Weekly// Technical analysis reflects MACD cross, price action over key moving averages, and a high correlation regression channel on the daily time frame. Bias is long on premise of global events related to commodity and tensions in Europe// ATR: 1.49,Beta: 1.01
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