$CLO has just experienced an sharp rebound from being in the lower levels of support but is now reacting at a short-term resistance. The swift and strong move upwards can sometimes result in the price looking extended in the short term. The momentum is now slowing down, and if it does not retake the recent high, a correction towards a more supportive level is projected.
Entry Zone: 0.7500 – 0.7650
Take-Profit 1: 0.7250
Take-Profit 2: 0.6950
Take-Profit 3: 0.6600
Stop-Loss: 0.7850
Leverage (Suggested): 3–5X
Bias is to remain compact, with price capped below the zone of rejection in the last attempt. Variance is still high following the rebound and must thus remain conservative in size with the expectation of sharp movements around levels.
