ETON Biotech Big Earning Beat Pullback LONG
ETON jumped on a big earnings report a week ago. This small cap biotechology
company is making big money and traders responded. It has now experienced
a standard 0.5 Fib level retracement pullback and traders early in the jump
take profit. At this level new buyers have equilibrated with those selling their
shares and taking profit. The ZL MACD lines are ready to cross bearly under the
histogram whose negative/ red amplitude is reverting toward the zero line.
The lines of the dual time frame RS indicator have held above the 50 level.
In consideration of this healthy pullback and buying /selling pressure equilibrium
I will take a long trade looking for 15-20% upside considering also the uprising
fundamentals of the stock based on the big earnings beat.
company is making big money and traders responded. It has now experienced
a standard 0.5 Fib level retracement pullback and traders early in the jump
take profit. At this level new buyers have equilibrated with those selling their
shares and taking profit. The ZL MACD lines are ready to cross bearly under the
histogram whose negative/ red amplitude is reverting toward the zero line.
The lines of the dual time frame RS indicator have held above the 50 level.
In consideration of this healthy pullback and buying /selling pressure equilibrium
I will take a long trade looking for 15-20% upside considering also the uprising
fundamentals of the stock based on the big earnings beat.
Comment:
On the weekly chart ETON demonstrates a big engulfing bullish candle with confirmatory indicators showing the momentum flip
Trade active:
For those maybe looking for another setup idea