CL: mean reversion trade?
A price action above 71.00 supports a bullish trend direction.
Testing its 200-week simple moving average.
A break above this pivot as well as its 200-day might change the sentiment to bullish.
The target price is set at 79.00.
The stop-loss price is set at 71.00.
Increase long exposure for a break above 75.00, which is close to its 61.8% Fibonacci retracement level.
The upward-trending Linear regression channel might hint at a bullish undertone.
Recently the stock corrected from the lower range of the Linear Regression channel pattern, which increased the likelihood of a mean reversion trade.
Earnings on 27 October remains a concern.
Testing its 200-week simple moving average.
A break above this pivot as well as its 200-day might change the sentiment to bullish.
The target price is set at 79.00.
The stop-loss price is set at 71.00.
Increase long exposure for a break above 75.00, which is close to its 61.8% Fibonacci retracement level.
The upward-trending Linear regression channel might hint at a bullish undertone.
Recently the stock corrected from the lower range of the Linear Regression channel pattern, which increased the likelihood of a mean reversion trade.
Earnings on 27 October remains a concern.
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