juniortrader

Weekly Chart Showing Strength, $ECA

Long
TSX:ECA   None
Encana Corp has recently broken a resistance line and a year long downtrend line this year. After being up the past few months, it is continuing to look bullish . It has just had a two month consolidation period and is ready for the next leg up. The price has moved above the 20MA (which it respected during the downtrend) and the 50MA. Additionally, the Directional Movement Index is also showing a possible strong uptrend with it nearing a pass above 25, and the Relative Strength Index is about to move above 70. Next resistance is around 13.30 to 13.50 which is 10% above the current price.

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