Energulf Resources Inc. ENGFF

RE: Looking To Buy!!

[zeta]

Hi Gus -- I do not see any signs of a reversal and still think 1.50 is your best bet -- if it drops under $2 -- then start looking for a good reversal -- nothing yet, so, I am sitting on my hands - I like this play, but I am waiting for the bottom - or close to it. At the very least, wait for the stock to print a bullish reversal with the stochastic under  20 - the lower the better, as this indicates oversold - and you want a good reversal - like a black hammer - with a very long lower shadow, or a bullish engulfing, or a doji with good volume -- these are all pretty good indicators that the bottom is near --
--------- *****but remember, you want a confirmation the next day for all of them .
********- confirmation is a bullish candle the next day-- a white candle , with a higher high and higher low -- now you can take a chance and buy the stock the next day if it trades above the previous day's candle

A third condition that some traders also like to throw in there is -- the stock must be trading above the 20 ema -- in an uptrend, before you jump in -- you will not get the bottom, but you will be close and you will be moving into ENG when it is in a good uptrend . -- So -- hope that is clear - just ask if it is not. These are the guidelines I am following for re-entry into ENG -- Good  luck with this one. Zeta