VIP MARKET UPDATE: $CRO
$cro
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$CRO is trading around the 0.0694 area, back at the ascending trendline that has now provided clean bounces on multiple occasions since mid April. After the spike to the 0.0735 highs got fully rejected and price retraced back into the range, the trendline and the 0.0688–0.0694 horizontal zone are once again converging at current price, creating a critical confluence support that buyers need to defend to keep the structure alive.
As long as CRO holds above the trendline, the pattern of higher lows remains intact and a recovery toward the 0.0700–0.0710 area is the more likely outcome. A clean trendline loss on a closing basis however would break the entire structure that has been building since mid April and open the door toward the 0.0680 area and below.
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