ENJ has been in a symmetrical wedge for a while now. It is expected that ENJ will breakout to the upside soon with the JumpNet release. We could see a retracement and then breakout of the wedge to the upside. Make sure the breakout finds support at around $2.4 - $2.5 before confirming the breakout. From there, we can expect ENJ to rocket in price to approximately $3.7.
Of course, since it's a symmetrical wedge, ENJ could also break out to the downside. This could certainly be a possibly if there is a dump after JumpNet release (sell the news, right?). Therefore, it is prudent to wait past 6 April and also the breakout of the wedge before entering the trade.
Of course, since it's a symmetrical wedge, ENJ could also break out to the downside. This could certainly be a possibly if there is a dump after JumpNet release (sell the news, right?). Therefore, it is prudent to wait past 6 April and also the breakout of the wedge before entering the trade.
Comment:
ENJ is breaking out from the symmetric wedge to the upside, waiting to test support around $2.5. While this seems great, not sure if there will be a dump after JumpNet releases.
Comment:
False breakout, will have to wait if there's a dump after JumpNet launches.
Trade closed: target reached:
Take partial profits at $3.73, for take profit level 2, expect $4.8.