CLR: Ready To Turn Down With Oil Prices ?
Updated
With Oil likely to be topping soon, O&G exploration is one industry to look out for potential trades.
CLR: Since its low in 2016, CLR has completed a 3 wave set back and topping around the 60 zone.
Prices are likely to be in the early stages of the reversal and in a 1-2, 1-2 wave sequence.
Fibonacci: Prices has reversed around the 61.8% retracement
Momentum: RSI has turned down from bear market resistance in the 60-70 zone.
MACD have also turned down and approaching zero line cross-over.
A break above the recent high of 60.30 will invalidate the trade.
(Detailed H4 Chart)
CLR: Since its low in 2016, CLR has completed a 3 wave set back and topping around the 60 zone.
Prices are likely to be in the early stages of the reversal and in a 1-2, 1-2 wave sequence.
Fibonacci: Prices has reversed around the 61.8% retracement
Momentum: RSI has turned down from bear market resistance in the 60-70 zone.
MACD have also turned down and approaching zero line cross-over.
A break above the recent high of 60.30 will invalidate the trade.
(Detailed H4 Chart)
Note
CLR has resumed its downside.Trade at your own time and own target.
Happy Profits!
Trade closed: target reached
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.