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WHY CLOSING MARKS MATTER
As I write this post, CL has sold off by more than 3.5% in a single session. This is a signal of intermediate weakness, but we need to see a bounce back up into resistance in order to take the next short.
This chart also shows us a long that must break:
That long is shown, drawn from $44.54 to the last swing high, $44.97. Note that that swing high may NOT hold, as the market WANTS $45 or better.
However, that long has a 61.8% line that may NOT hold, $44.70. WHY AM I SO CLUED INTO this VALUE POINT.
$44.70 has seen 13 fifteen-minute bars. NOT ONE has CLOSED at $44.69 or lower.
It is being tested as I post this Blog note.
DJ
At 11:40am PAC, the last swing low of this 15-min bar is $44.70.
ReplyDeleteOnce price clears, then selling may continue. IF NOT, they will bounce price to an ATW-HWB short once again.
DJ
I shorted CL up above 45 bucks and am still holding 10 short. IF PRICE cannot dip and hold below 44.69, I will buy to close.
ReplyDelete