GREY:ENGFF - Post by User
Post by
zetaon May 09, 2008 12:23pm
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Post# 15056370
EARLY CHART AND COMMENT
EARLY CHART AND COMMENTHi--As expected, ENG tested that support around 2.20 again - this seems to be the line in the sand now and I would suspect that the bottom is in for this correction -- we cannot be sure until it breaks over the previous candle's high -- in this case today-- 2.32 -- but, it is looking okay -- notice also, that since the bottom reversal, we have seen rising lows -- 1.75, then 1.82, then 2.21 -- a good sign that the buyers are in control but not forcing the issue. I am not concerned with the low volume at this point - it is normal to see declining volume in a correction -- so, looks okay so far - ENG could close stronger , say over 2.30 and forming a very bullish hammer -- would be a very good sign going into the weekend. Good luck with this one - things are going to get a lot better in my opinion. Zeta - here is the daily chart to date.
