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CL Daily Falling Towards Up Trend Line


CL Daily falling towards up trend line by JoshuaMartinez on TradingView.com

The CL daily time frame is in a large up trend. The market is moving from a high price towards a future low price.

There is a down Fibonacci with an extension price point 83.55 that meets the daily up trend line . It is expected the market to push bearish towards 83.55 then U-turn Bullish.

If the market holds at the up trend line, it is expected the market to push towards all time highs near price point 147.27 about +5,808 ticks above the market. It will be a good idea to stay out of the market until the daily up trend line is hit.

Then after the market hits the daily up trend line to look for a bullish reversal before turning to the one hour time frame and looking for long ideas.