source avatar$Trader

Share

$CLF Subscriber Chart Request (Want your favorite ticker charted? Become a member at https://t.co/DPsk9vzJGc and enjoy unlimited technical chart requests). $CLF continues to play out as anticipated. On July 19, we highlighted the inverted hammer at ascending support as an early sign that bulls were beginning to absorb selling pressure. Last week, that signal received strong confirmation with a powerful bullish continuation candle that reclaimed the 50 EMA, shifting short-term momentum back in the bulls' favor. This week, price is following through with another bullish continuation candle, albeit with a smaller range, suggesting buyers remain in control but are becoming more cautious as they approach overhead resistance. Traders who entered on last week's confirmation should remember that price remains below the 200 EMA, with descending resistance just overhead, creating a potential supply zone where sellers may re-emerge. The MACD crossing above its signal line this week adds to the improving momentum, but disciplined trade management remains key. Trim into resistance, trail the remainder, and let the market prove it can reclaim the longer-term trend before becoming overly aggressive. $NUE $STLD $X $RS $TX $MT $SID $CMC $ZEUS $PKX $SCHN $WOR

No.0 picture
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.