EGLD is printing a Bull Flag right now, the question is ... is it a fakeout? We have to keep in mind that Bulls are still in control on the daily, Weekly, Monthly etc... Potential targets of this bullflag is 263-264$ and can push to 271$.. even 277$. Let's see how this play out.
To breakout we need to go over all those resistances -4 hour chart MA21 at 176.75$ -6 hour chart MA21 at 176.80$ -12 hour chart MA9 at 177.566$. -2 hour chart MA50 at 179.89$ -0.236 fibonnaci at 176.553$
Keep in mind that this bull flag can turn in a triangle, if you want to try the swing.. get in after a confirmation over 180-181$... let them go over first.. and buy the retest of 180$ 177$. Always play with good Risk Management... Another way to play it is to wait the confirmation over the last ATH at 217$, after 217$ will be confirmed new support your good to 264$ (more than 20% gain).
One thing to note is that.. if we don't go lower short term and want to go directly in W5... 272.367$ is the 261.8% fib... which would match with the destination of this bullflag.
Best to you my friends. Let me know what you think and what you see.
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We are now over the 4hr and daily VWAP.
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Daily Vwap and 4hours VWAP are now support
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Trade active
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EGLD has formed 2 options, 1 Rising Channel and 1 Falling channel. Will be a compression at the intersection, it can go up or down.
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Trade active
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Possible W2 targets
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Shooting Star on the Weekly.. bearish Candle.. must watch for confirmations on the down side.