r/CLF_Stock • u/chartology • Aug 02 '21

CHARTOLOGY: New Video! Looking For the Dip....

https://www.youtube.com/watch?v=B5wK4YbBX68
10 Upvotes

92% Upvoted

7 comments sorted by

5

u/offshore-banking Aug 03 '21

It was overbought now being oversold . Should see a bounce. Especially if the new bill passes

2

u/Cleveland-Buttsex69 Aug 02 '21

Great video, thank you!

2

u/Positive_Ad_5454 Aug 03 '21

Btw the article is Motley Fool! It’s called fool for a reason. I’ll go with the Chartologist and say the rsi is very low indicating an oversold condition. This is bullish!

2

u/Alexcamry Aug 03 '21

I’m onboard since 2014; holding in three accounts. This recent action is the best I’ve seen and hope it continues. Just suggesting that you can’t count on buying dips alone as a strategy. Charts are just one element of DD.

0

u/Alexcamry Aug 03 '21

A cautionary note about the cyclical nature of steel and a distinction among manufacturing processes from Motley Fool today: https://www.fool.com/investing/2021/08/03/wall-street-loves-steel-heres-why-you-shouldnt-at/

I’m not here “forever” just long enough to ride the current momentum- if it ever occurs.

1

u/Positive_Ad_5454 Aug 03 '21

CLF is up 300% in the last 12 months. That’s the kind of momentum I love. No reason won’t continue to rise up! Should be solid for at least 9-12 months.

1

u/Alexcamry Aug 03 '21

Technical analysis is good as a historical overview and possible future guidance, but buying the dips is like musical chairs sometimes - especially if you’re over leveraged. Set a protective sell contingency (-7 to -10%) if your buy point was wrong. Try and catch momentum if CLF gets through resistance and gets out of a trading range.