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I like this chart because I focused in on the daily candlestick chart, so you can see what's going on here today, but within the context of the longer-term trend.
$44 is my level. If we're above that, then I can't think of a reason not to be long. $70 is the next target.
If we're right, that's a really big move. If we're wrong, the risk is incredibly well-defined and minimal, particularly relative to the potential reward.
That's what we look for. We also outlined this trade idea in a recent post which our Premium members can read here.
Check out the other 125 charts from last night.
And let me know if you have any comments or questions!
JC
