EGR - onward and upward?

4 dic 2020

Quick look at EGR which is looking at a nice end to 2020.

• After a run-up in September following positive news, EGR dropped off and failed to break through the 0.382 fib resistance.
  
• Support has been found at $0.14 (Support 1), confirmed by WVF which strongly indicates market bottoms at this level.
  
• Trading has since pushed away from Support 1 and the 0.5 fib resistance has been tested multiple times in the past week.
  
• A positive end to the trading week sees EGR placed to test the 0.5 fib resistance again next week, after entering an upward-trend channel.
  
• This is likely to continue as indicated by the WVF trend, in addition to a decrease in volatility as per BBW and a change in momentum indicated by the MACD.
  
• If the 0.5 fib resistance is broken there is a good chance that this will run up to the previous 0.382 fib resistance.