ENB Enbridge breaks daily uptrend - Short if pattern holds
Red arrows show where up-trend was broken
Green arrows show where price bounced down from previous up-trend (reversal indication)
If breaks below 44.15, downtrend should be confirmed
Green arrows show where price bounced down from previous up-trend (reversal indication)
If breaks below 44.15, downtrend should be confirmed
Trade active:
Took a short position (bought put options) in the 45 range - so far the strategy seems to be working.
- New Daily Low - broke below 44.15
- Looking for a price of around 43 to exit the trade - or set SL and let it run if it breaks below 43 substantially.
- New Daily Low - broke below 44.15
- Looking for a price of around 43 to exit the trade - or set SL and let it run if it breaks below 43 substantially.
Comment:
Small update - still short - price is below 20 and 50 daily SMA, and testing support daily (around 44.40) if support doesn't break in the next 3-5 days the weekly 20 sma (in an up-trend) could pull this higher, in which case I'll exit.
Comment:
.5% breakdown, new target is 43 for this week. Longer term I'm bullish so I'm watching closely for a bounce off support at 43. At that point depending on price action I'll potentially reverse my position.
Comment:
Trade is looking great. Blew through 43 on the downside - set SL and will lock in profits when there is some consolidation after the primary down move.