EGLD's Breakout Play: Rally Ahead or False Start?

Bias: Bullish

Description: EGLD is poised above a key ascending trendline on the daily chart, indicating a bullish stance. The sustained price above the SMA and recent breakout suggest potential for continued upside.

Direction: Upward (Long)

Entry: A strategic entry would be on a confirmed bounce from the current level or on a breakout above the recent high of $71.51312948, ensuring momentum is in favor.

Stop Loss: To manage risk, a stop loss could be set below the ascending trendline or the last swing low at $63.84913611 to mitigate potential downside.

Targets: Looking upward, the psychological round numbers such as $80, $90, and the all-important $100 mark serve as potential profit-taking zones.

Caution: Volume data is unavailable, which could impact the reliability of the breakout. Also, watch for any bearish reversal patterns or signs of declining momentum, which could invalidate the bullish outlook. Stay updated on broader market trends and news that may affect sentiment.


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