EW breakout in an established uptrend
EW has been on my watchlist for sometime. It was a great trending stock throughout 2014 but became of real interest when it it gapped up above the 2012 pivot high in October last year.
Since October it has continued to trend up well, with several bullish flags but, over the Christmas period, has gone into a mini-range.
This mini-range could well be a double bottom - although the neckline is a little high to technically be categorised as one. However, the two bottoms are good reversal candlestick patterns with the doji bouncing from the 50ma.
Yesterday's breakout bar (12th January) was reasonably bullish and had slightly higher volume. Plus the mini-range, so far, has not been long in duration. Overall this indicates that price is likely to continue with momentum to the upside.
Since October it has continued to trend up well, with several bullish flags but, over the Christmas period, has gone into a mini-range.
This mini-range could well be a double bottom - although the neckline is a little high to technically be categorised as one. However, the two bottoms are good reversal candlestick patterns with the doji bouncing from the 50ma.
Yesterday's breakout bar (12th January) was reasonably bullish and had slightly higher volume. Plus the mini-range, so far, has not been long in duration. Overall this indicates that price is likely to continue with momentum to the upside.
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Twitter: twitter.com/dynamictrader
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