Friends
CLF is looking good for a short soon, to the downside. It is worth noting that the stock is in the process of a three drivers pattern, and this final leg brings you all into the buying range, so like every time you short a third structure leg, you take profits early, as pin bars, and other shiz are likely to form at these sort of bottoms
This stock is NOT ready to trade now, I expect a resistance retest first, and a nice move down, safer buys are obviously above the short term ascending channel, which co incidentally breaks at the exact same time as the support resistance zone, a zone which is important to break to assure safety and actual bearish enthusiasm into this trade.
If we ttrade above 7.50's, this idea is void.
Regards
Tom
CLF is looking good for a short soon, to the downside. It is worth noting that the stock is in the process of a three drivers pattern, and this final leg brings you all into the buying range, so like every time you short a third structure leg, you take profits early, as pin bars, and other shiz are likely to form at these sort of bottoms
This stock is NOT ready to trade now, I expect a resistance retest first, and a nice move down, safer buys are obviously above the short term ascending channel, which co incidentally breaks at the exact same time as the support resistance zone, a zone which is important to break to assure safety and actual bearish enthusiasm into this trade.
If we ttrade above 7.50's, this idea is void.
Regards
Tom