$CLO – Selling Pressure Resurfaces with Reversal Signs at 0.78
Short $CLO
Entry: 0.7381 – 0.7550
SL: 0.8100
TP: 0.6910 – 0.6690 – 0.6200
Price Action Description:
On the H1 chart, CLO is showing signs of exhaustion after failing to sustain momentum near the 0.78 resistance level. The current candlestick structure is deteriorating, marked by consecutive long red candles that indicate sellers are successfully capping any further upside. Notably, the price has broken below the MA7 (yellow line) and is now pressing against the MA25 (pink line), signaling that the previous bullish euphoria is fading. With the RSI retreating from overbought territory and buying volume thinning out, I expect a deep correction to follow, likely pulling the price back toward the major support zones around 0.66.
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