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