$CLO 📊 4.6% Bearish Plunge on
$CLO , where's the support?
- After this aggressive dump, there’s a high chance of volatility and washout moves. If price can't reclaim 0.14328 on the next retest, I expect further downside, possibly towards the 0.13136–0.12869 region where buyers may step in.
- If you’re considering a short, the ideal entry is a weak bounce up to 0.14328–0.14846, confirmed by a bearish engulfing or rejection wick on 5m/15m. First take profit: 0.13651 (equilibrium), second: 0.13136.
- If price flushes down to 0.12869–0.12023 and you see clear reversal confirmation (pin bar, bullish engulfing, or strong volume absorption), this could be a high-probability scalp long back to 0.13651 or 0.14328.
- Place the stop-loss at the swing high (if shorting the bounce) or at the swing low (if longing a flush and reversal).
- If price surprisingly reclaims and holds above 0.14846 with strong bullish candles, my bias would flip and I’d expect a retest of 0.15602 or even 0.16002. Until then, the path of least resistance points lower, with more downside likely unless aggressive buyers show up at the next support.
- Wait for clear confirmation: for a short, look for a failed bounce with a bearish candle at resistance; for a long, wait for a sweep of support and a strong reversal pattern. Patience and strict confirmation are key after such a volatile move.
📝 This is not investment advice, just an educational report. Stay safe and wait for confirmations before any entry, especially after such a dramatic move!
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