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I mentioned CTL as a possible trade idea

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santafe2 Member Level  Friday, 05/22/20 03:41:31 PM
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I mentioned CTL as a possible trade idea yesterday. After watching CTL fight any downward movement this morning when the market was down I looked at my basic set of technical tools to see if they were confirming the price strength. None of them were particularly useful.

Later in the morning I decided to look at OBV which is a tool that can help you understand valuable aspects regarding volume that are not evident in the standard red/green histogram.

This OBV chart is a cautionary tale as it continues to descend as the price moves up. If other indicators were contradicting this trend I might ignore it.

What this OBV trend is saying is that larger traders, "smart money" are selling in larger volumes and then retail traders are coming in, in smaller volumes and driving the price back up.

It's enough to keep me on the sideline for now.



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