$CL 5:1 short set up, follow the trend!
1) ADX is low and flat indicating a lack of direction at the current level after bouncing from its lows
2) Squeeze indicator shows a declining level of positive volume and that the pressure of the squeeze is still on
3) Pin bar rejection of a 3 point downtrending resistance level
4) Recent Hi-low fib also coincides with the area of price rejection
5) Fib extension of 1.272 + lows made in late 2015 provide a target of $63 along with the lower channel
6) Low volume into rally indicates lack of buyer enthusiasm
As always DYOR
2) Squeeze indicator shows a declining level of positive volume and that the pressure of the squeeze is still on
3) Pin bar rejection of a 3 point downtrending resistance level
4) Recent Hi-low fib also coincides with the area of price rejection
5) Fib extension of 1.272 + lows made in late 2015 provide a target of $63 along with the lower channel
6) Low volume into rally indicates lack of buyer enthusiasm
As always DYOR
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