Is ASX:ECX trying to wake up from The bear market abyss? Does the market show any sign of recovery? Is it time to FOMO and buy? Lets dive deep into the TA and analyze.
ECX has been struck by a smooth criminal of bear market. However from the TA view point there is a light at the end of the tunnel. From bulls perspective below is what I see:
Daily candle closes above 50MA
Price above 0.236 fib
Daily velocity is positive
Price above LSMA
RSI neutral
Bears’s case:
Weekly velocity still negative
Price below 200MA
Price below a strong resistance of 0.89$
To me bulls have more juice atm. I think it is not bad to open a small position to scale up when daily closes above 0.93$.
I will keep you posted when odds change.
PS: DYOR this stock is highly volatile.
ECX has been struck by a smooth criminal of bear market. However from the TA view point there is a light at the end of the tunnel. From bulls perspective below is what I see:
Daily candle closes above 50MA
Price above 0.236 fib
Daily velocity is positive
Price above LSMA
RSI neutral
Bears’s case:
Weekly velocity still negative
Price below 200MA
Price below a strong resistance of 0.89$
To me bulls have more juice atm. I think it is not bad to open a small position to scale up when daily closes above 0.93$.
I will keep you posted when odds change.
PS: DYOR this stock is highly volatile.
