After printing a high earlier in 2014 CPA has been heading down. It found some support at $100 and the weekly 200ma initially but now price has broken below this level.
The move on the daily chart, since breaking below recent support and $100, has been quick (with a succession of bearish bars) and price is now approaching the pivot high (from 2012) of $86.50. We should expect to see a small pullback toward $100 before this level is cleared but if not we still want price to comfortably clear $86.50 before considering a short.
Beyond this the next major support is $73.33. If shorting I would want my trade to be risk free before getting to this level.
The move on the daily chart, since breaking below recent support and $100, has been quick (with a succession of bearish bars) and price is now approaching the pivot high (from 2012) of $86.50. We should expect to see a small pullback toward $100 before this level is cleared but if not we still want price to comfortably clear $86.50 before considering a short.
Beyond this the next major support is $73.33. If shorting I would want my trade to be risk free before getting to this level.