GREY:ENGFF - Post by User
Post by
zetaon May 14, 2008 5:43pm
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Post# 15074404
TA AND CHART FOR THURSDAY-AGAIN
TA AND CHART FOR THURSDAY-AGAINHi -- Well, not a bad day for ENG -- it looked as if the stock was reversing and then the buying dried up and down if came. That was a white doji candle today and it is a possible reversal candle - it could be a start. The candle pattern is a Thrusting Pattern, meaning that the stock tried to move into the black candle from yesterday, but made little headway. A move over the halfway point would have been very bullish. I also liked the increase in volume today - a sign that the buyers are coming back. So - this pattern has the potential to be a reversal and trend change and it could very well come tomorrow. Look for a breakout over the high of the candle today -2.15 to confirm a new uptrend in the making. On the other hand - breaks down under the low of today -- 1.98 and there will likely be more downside - at any rate, the bleeding has stopped and this is a decent sign. So -- ENG has a chance to reverse the trend -- at least this is a start. Good luck tomorrow. Here is the daily chart. Zeta
