Recent price action has confirmed a reversal by forming a higher highs.
1. Price has formed higher highs 2. It has formed a Golden Cross 3. After forming a Higher High, price failed to continue upwards and is now pulling back 4. This pull back has come down and has entered in the Buy Zone and Fib retracement zone of( 50% - 61.86%) of $3.40 - 3.70 5. There is also a trendline support (confluence) which may also be a bouncing spot at $3.50 6. I will be confident to buy in the $3.40 - $3.70 region (Buy Zone).
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
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EML is looking interesting as price has been retracing down as expected. I am expecting it to continue lower towards the Buy Zone of $3.35 - $3.65, where trendline support lies. I want to be a buyer in that zone after it shows Bullish Price Action.
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I am still expecting it to pull back lower towards the Buy Zone of $3.35 - $3.65, where the trendline support lies. There is also 200 SMA which could provide support. I expect it to bounce off from that zone to target the previous Highs. Lets see how it plays out.
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EML has closed strongly and with good volume. If it manages to close above Resistance 1, i.e. $4.60, we may see it accelerate towards the next Resistance Zone towards $5.50 - $5.70.