GREY:ENGFF - Post by User
Post by
zetaon Apr 30, 2008 8:45pm
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Post# 15025518
TA AND CHART FOR THURSDAY
TA AND CHART FOR THURSDAYHi -- Another bearish black candle today for ENG - this candle is confirmation of the dark cloud cover from yesterday, so, expect more downside . Hard to say where this will finally reverse again -- could retest the support at 1.75 or it could head for that 1.50 projection, or it could just decide enough is enough and turn around and run to the 20 ema at 2.50 . Having said that, if you are looking to buy , wait for a good signal - tomorrow a good entry would be if it can trade and hold above 2.14 - the high for today. This little pullback over the last 2 days is very normal trading pattern for ENG - I think the bottom is in already -- 1.75 It reversed here will some good bullish candles and a strong stochastic a few days . So -- might be a little selling on the opening, but I would be looking for a reversal tomorrow - breaks over 2.14 -- very good. Breaks over 2.29 -- a new uptrend will be forming and things will look a lot better. I know this is a stressful time -- but try to ignore all the bashers and fools that are coming out of the woodwork - ENG still has a good chance. Have a good evening. Zeta. Here is the daily chart.
