themdtrader
Short

CENX - Pullback of the "Cenx-tury" or No?

NASDAQ:CENX   CENTURY ALUMINUM COMPANY
An ascending wedge has been forming since 2016, and gradually has been building up volatility as more market participants get involved.
Price is very extended here, which signals for a pullback if not a strong downtrend into the lower bound of the wedge .
However, I could be totally wrong and the price could shoot up strongly for a continuation.
Let's see how it plays out, but for now, I am yet again short.
Stop at 23.83
Target at 22.06
Trade closed: target reached: Target hit in 1 day, again, I can't complain; the market is treating me well.
I will still watch the price action for another entry for a continued down move.
There's a lot of room to the lower boundary of this wedge but let's see how the market reacts.
It could turn out to be the short of the century...or not.
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