CCJ hit T1 on the previously posted 120 minute time frame which was also T2 on the previously posted 30 minute chart trade update. CCJ still looks to have a good chance of hitting the next two targets if/when that T1 resistance level is taken out. i may add additional targets if prices continue higher but until then, longer-term traders & investors can reference the resistance levels on the daily chart for the last CCJ long trade (in the completed trades section). updated 60 min chart first, previous 120 next, then the updated 30 min and previous 30 min charts for [...]
CCJ is approaching the first target recently posted on the 15 minute time frame (2nd chart below). here's an updated 30 chart showing that prices have clearly broken above that downtrend channel i was tracking and are now close to hitting the first target. note the thin zone on the volume at price histogram to the left of the chart, which should help prices quickly fill that void an hit T2, assuming the market is holding up at the time.
120 min chart below shows the ideal stop level for the trade (just under the recent lows) as well as some intermediate term targets. for longer-term swing-traders/investors, the daily chart shows the first two upside targets along with the same support (stop) area shown on the 120 min chart as well as a key resistance level not far overhead that CCJ needs to clear. first two resistance levels on the 120 min chart are the top of the falling channel, then the horizontal level around 21.80. CCJ should run if those levels are cleared.
the recently posted CCJ long did trade below the suggested stop level under 20.20 on the shorter, 15 min time frame but it didn't get far below that the key support posted on the daily chart. therefore, i've kept this on as an active trade for swing-traders and investors and i still have the shares i posted taken as a hedge to my shorts about a week ago. i still like the trade for a potential longer-term swing trade or investment candidate but for shorter-term traders, i think the odds are good for the original intermediate targets to be hit if [...]
targets for CCJ bounce trade (see previous post) shown here on 15 min target. stops under 20.20 area. keep in mind on the entry that bottom of the previous gap on the daily chart is around the 20.35 area so this trade provides the most objective entry around that level. i also favor the short-side overall right now but personally i took some CCJ long as a hedge to my existing shorts.
CCJ was a recently completed long trade entered on a break of this key daily channel. after hitting and exceeding both targets, it has now pulled all the way back to the former T1 area (now support) and based of the intraday charts as well, looks like an objective long entry for at least a quick bounce trade. will post targets soon.
longer-term investors/swing traders may decide to raise stops and tuck this one away for longer term. i just sold all shares at 22.98 to book the quick profits. original target on left, updated on right: