ENJ breaking out of wedge pattern
Yesterday, our internal bot generated a buy signal on ENJ. However, with price parked at resistance, we felt a retracement was in order so the recent gains could be consolidated.
Sure enough, after a brief corrective dip ENJ has gathered its legs to push through the resistance. Volume is a little lower than as expected on a breakout. Some of that could be due to the holiday market conditions with significantly less volume taking place anyway.
From a bigger picture perspective, $ENJ dipped and reversed at the 61.8% retracement level of the larger uptrend. After bumping higher, it created a wedge formation which can lead to powerful bullish breakouts.
The bigger pattern is bullish though the holiday conditions may stunt some growth.
Risk is best placed just below the recent swing low near $2.53.
Upside targets include $2.97; $3.30, $3.60, & $3.95
Sure enough, after a brief corrective dip ENJ has gathered its legs to push through the resistance. Volume is a little lower than as expected on a breakout. Some of that could be due to the holiday market conditions with significantly less volume taking place anyway.
From a bigger picture perspective, $ENJ dipped and reversed at the 61.8% retracement level of the larger uptrend. After bumping higher, it created a wedge formation which can lead to powerful bullish breakouts.
The bigger pattern is bullish though the holiday conditions may stunt some growth.
Risk is best placed just below the recent swing low near $2.53.
Upside targets include $2.97; $3.30, $3.60, & $3.95
Kommentar:
Target 1 & 2 have been hit. Target 3 is $3.60 and target 4 is $3.95. Stop loss should be moved to break even or better to lock in profit for the trade.
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