Rejection on Higher High, buy opportunity lower

25 thg 5, 2018

As seen on the chart, the price was rejected emphatically on the Higher High of the 1D Channel Up (RSI = 53.179, MACD = 1.090). As a consequence (with the 4H Rising Wedge also broken) the Channel Up will now look for a Higher Low (Highs/Lows = -0.3729) and the potential buy zones are: 69.01 - 69.50 and 67.80 - 68.20. We will enter equal long positions on both zones, expecting a maximum downside period of two weeks. Long term, CL remains bullish as long as 1W is a Channel Up (RSI = 65.582, Highs/Lows = 2.8521, B/BP = 8.5860, MACD = 4.030).