CLN X, ABC-Correction finished.General Analysis
*********************
A few weeks ago I posted that short trigger of CLN because of te bearish triangle. Now I would like to tell u about my new long strategy in Clariant. The price just followed the triangles lines for a "long" time to a false breakout. This breakout has been ended in a huge selloff. When the price returned to the triangle its lost was further 20%. Now at the price of approximately CHF 19.00. We could say, that the correction from the all-time-high to the todays price is a mid-term ABC-Correction in my eyes.
Support & Resistance
**************************
The strongest support zone is actually from CHF 18.40 to CHF 19.00. If the price falls out of this zone or under the yellow trendline, would this trigger a new selloff to CHF 17.50. But that is not likely at the time. It could get more likely if the general market conditions dont change.
First resistance-level will be the red lines at CHF 21.00 resp. CHF 22.00. A gap-close at CHF 25.00 is more likely if the prices can close on weekly time-frame above the red resistance level.
Short Trading Idea before
*******************************
