CLF was in a long term strong bear channel that broke out to the upside on a climax in late July and is now in the process of pulling back to retest the trendline.
The test will come at around 14.50. A couple of trendlines support that price and the bear channel will fall right into it.
There is such strong selling that I think the best the bulls will get after the test is a broad trading range (between 16.50 and 14.50).
14.50 is a good buy zone once we see a nice bar/ candlestick reversal
The test will come at around 14.50. A couple of trendlines support that price and the bear channel will fall right into it.
There is such strong selling that I think the best the bulls will get after the test is a broad trading range (between 16.50 and 14.50).
14.50 is a good buy zone once we see a nice bar/ candlestick reversal