ENG is currently retesting a previous resistance zone around 9000-9500 that was the flat line of resistance for an ascending triangle pattern that ENG was in before breaking up above the flat line of resistance and going on a massive run. ENG has since pulled back, and we are now retesting that prior flat line of resistance as new support around 9000-9500. So far, price is respecting this level as support, confirming the bullish S/R flip. ENG also has the 200 DMA sitting right on the bottom of the zone around 9060, which is another layer of support. Overall, ENG has a good setup, but we may need to be patient as to give us a better entry. If ENG breaks down below the 200 DMA on a few daily closes, the setup will be invalidated.
Moving average guide (All daily for this post):
50 day moving average in Green.
100 day moving average in Yellow.
200 day moving average in Red.
Entry: 9075-9350
Target 1: 10440 (Prior support zone now acting as resistance.)
Target 2: 11380 (Prior resistance zone that halted its 20% move on 4/20/2019)
Target 3: 12900 (Prior resistance/consolidation zone.)
SL: 8700-8800 (below the 200 DMA and below the support box. Beware of wicks.)
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Moving average guide (All daily for this post):
50 day moving average in Green.
100 day moving average in Yellow.
200 day moving average in Red.
Entry: 9075-9350
Target 1: 10440 (Prior support zone now acting as resistance.)
Target 2: 11380 (Prior resistance zone that halted its 20% move on 4/20/2019)
Target 3: 12900 (Prior resistance/consolidation zone.)
SL: 8700-8800 (below the 200 DMA and below the support box. Beware of wicks.)
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Trade closed: stop reached:
Alts looking pretty weak relative to Bitcoin across the board.