Encana: Expecting To Longs To Eventually Come Into This Stock!

266 7 4

Looks like a long should be under way very soon. Theres been some underlying impulse evident in this stock and I do have a strong feeling that bulls will be participating at, or near this level.

I have analysed this stock carefully and think it's upside target could be 12-17$ per share in the future, with downside limited being limited to $7 (In my opinion only)

Theres also some divergences to note, but I didn't put them on the chart. But they further support bullish intentions. Breaking this sideways TL resistance will confirm impulse and hopefully provide a nice entry point. A lovely piercing candle confirmed the bulls at a nice reliable level. Trades like this are nice. But complicated.

Best of luck traders,

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it is an expanding triangle. So, it will most likely have a fifth leg up. If the bulls are not strong enough, then the reversal fails and turns into a trading range. Thus, it will create a double bottom. It is another case for bulls to go long for breaking the top of the triangle. If the bulls are strong, it will break the lines above. Either case, bulls are a good buy.

There are no condition for the bear to short yet, because the bear channel was broken. The wedged trading range makes the bear channel strength less influence. The best Bear gets is to sell top of the bear wedge, betting on trading range.
Tom_Killick PRO peterchung16
Yep, that is exactly, what is happening.

Nice analysis.
The Bulls breaks the resistance. All bets are off for the bear. The Bear will wait for $12 to short, counter trend trading/scalping. The bulls will take profit around 12.

Tom_Killick PRO peterchung16
Yeah I just jumped in on the open, it stuck out like a neon sign that the bulls were about.
Tom_Killick PRO Tom_Killick
me and my team forecast 12$ intermediate and 17$ long term high.
Do you think Oil is significantly effecting any advances in this stock?
Significantly..? Not as much as it could be...

However saying that, oil changing direction today, whilst Encana was at a juncture has certainly aided in the breakout of this stock thats undeniable. Saying this, people are still feeling starry eyed from natural gas selloffs.

I think this stock has under performed in general in comparison to the S&P and the fuel and oil industry in general... And the fundamentals aren't brilliant, in fact that's being generous...
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