THE CONSISTENT TRADES analyze EL as a bearish /weak fundamental stock and therefore would be traded only in a short position.
EL is in a rising wedge for some time and did find resistance in this area which was supported in April 2022 and then several times the resistance in the rest of the year. A breakdown from a bearish pattern would trigger a short position.
Volume is increasing on the red day which is bearish.
However, the price is above all major MA which is bullish.
RSI has strong and powerful bearish and negative divergences.
MACD has also negative divergences and doesn't confirm price action.
Overall: EL is hovering at this likely due to the strong and powerful move on SPY and other indices. However, with a possible down leg on SPY EL could get rejected harder from this area of resistance and drop hard. Drop below the red dotted line would trigger a sell signal. However please have in mind report will be at the end of the week therefore do not trade over the report.
EL is in a rising wedge for some time and did find resistance in this area which was supported in April 2022 and then several times the resistance in the rest of the year. A breakdown from a bearish pattern would trigger a short position.
Volume is increasing on the red day which is bearish.
However, the price is above all major MA which is bullish.
RSI has strong and powerful bearish and negative divergences.
MACD has also negative divergences and doesn't confirm price action.
Overall: EL is hovering at this likely due to the strong and powerful move on SPY and other indices. However, with a possible down leg on SPY EL could get rejected harder from this area of resistance and drop hard. Drop below the red dotted line would trigger a sell signal. However please have in mind report will be at the end of the week therefore do not trade over the report.
Consistency is the key of success....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Consistency is the key of success....
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.