CENX - Pullback of the "Cenx-tury" or No?
Updated
An ascending wedge has been forming since 2016, and gradually has been building up volatility as more market participants get involved.
Price is very extended here, which signals for a pullback if not a strong downtrend into the lower bound of the wedge.
However, I could be totally wrong and the price could shoot up strongly for a continuation.
Let's see how it plays out, but for now, I am yet again short.
Stop at 23.83
Target at 22.06
Price is very extended here, which signals for a pullback if not a strong downtrend into the lower bound of the wedge.
However, I could be totally wrong and the price could shoot up strongly for a continuation.
Let's see how it plays out, but for now, I am yet again short.
Stop at 23.83
Target at 22.06
Trade closed: target reached
Target hit in 1 day, again, I can't complain; the market is treating me well. I will still watch the price action for another entry for a continued down move.
There's a lot of room to the lower boundary of this wedge but let's see how the market reacts.
It could turn out to be the short of the century...or not.
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.