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- CLV6: Possible new long after correction, from levels of support
CLV6: Possible new long after correction, from levels of support
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Loading...CLV6:
Date: August 24, 2016
H4 Graph: New Long Trend
After the price started going up it ran into resistance at the $50 mark and fell to a level previous resistance now support zone with horizontal support and possible diagonal support. Here the Fib is showing that the move up has broken above the 50% и 61,8% from the previous down move, and this maybe indicative of possibility of a new trend up and not a simple correction. Having said that, the last move down is the correction and we may seek new long position. MA also confirms the long move with cross of the 50 above 200 MA from down to up and the correction stops at the 50 MA.
Price Action: Engulfing bar at levels of support - Bullish signal.
Alternative Scenario: If the price moves lower and breaks below the diagonal support and horizontal support of $46.10, will cancel the bullish view
Technical Indicator:
DEM(14): Turned up in the oversold zone
Price for Entry long around: $47.50
SL: $46.00
Jr. Trader - S. Fuchedzhiev
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