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
Note
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.
We are redefining signal groups with AI generated signals. Our bot scans the top 3000 coins/tokens by market capitalization alerting you to the strongest trends.
DM us for more information about the bot and our services.
DM us for more information about the bot and our services.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
We are redefining signal groups with AI generated signals. Our bot scans the top 3000 coins/tokens by market capitalization alerting you to the strongest trends.
DM us for more information about the bot and our services.
DM us for more information about the bot and our services.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.