CL is looking at a potential rebound to the upside after the stock actually broke above the falling wedge and has filled and trade beyond the bearish gap highlighted in the chart. Ichimoku is showing a clear bullish signal as the leading Span A and B will likely perform a crossover (Bullish twist). The stock also closed above the resistance turned support at 91.94, which confirms the smaller double bottom.
Meanwhile, MACD histogram just turned positive and the signal line likely to perform a crossover at the bottom. Stochastic confirms the oversold and bullish divergence, which coincidentally, the 23-period ROC also did the same.
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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.