4 years ago

CTX Caltex Weekly rejection

Caltex  CTX has been on an extra ordinary run up to a high of $32.38.

While I am not in the business of trying to pick high points, this recent vertical price move is subject to correction on some profit taking.
The WEEKLY chart is marked with this weeks low of $31.17, with a short position taken at this current weekly level of $31.60, look for a weekly closing price
below this level to maintain a short position.
The weekly candle has the open and closing price in the lower half of the weekly range suggesting rejection of higher prices.
The primary trend is UP and this is clearly trading against the trend, and stops would kept at this weeks high of $32.38.

CTX Weekly