ENBRIDGE Trade Setup - Daily
Updated
Chart speaks for itself.
Note the amount of times the price has tested the moving averages.
Me personally i don't like trading these middle zones and will wait for further confirmation of better low-risk high reward plays.
Things to note:
Still trading underneath a death cross.
We've been on a bullish rally for over 2 months now hence why I am not in a rush to buy unless i see certain key zones broken.
When I will buy:
I'm looking for a bullish breakout and daily candle bodies to close and catch support above the 200MA.
or
Price dumps here and then I'll purchase much cheaper upon capitulation. ENB is a long-term hold for me anyways.
Not trading advice, just my opinion. Safe trading, cheers.
Note the amount of times the price has tested the moving averages.
Me personally i don't like trading these middle zones and will wait for further confirmation of better low-risk high reward plays.
Things to note:
Still trading underneath a death cross.
We've been on a bullish rally for over 2 months now hence why I am not in a rush to buy unless i see certain key zones broken.
When I will buy:
I'm looking for a bullish breakout and daily candle bodies to close and catch support above the 200MA.
or
Price dumps here and then I'll purchase much cheaper upon capitulation. ENB is a long-term hold for me anyways.
Not trading advice, just my opinion. Safe trading, cheers.
Note
We broke down from previous trend line but upward channel is still intact.
Still trading udnerneath daily death cross.
RSI neutral.
Got rejected from 50EMA and now sitting on the bottom trend line of the channel.
That means upward targets are still in-play but considering where price action is right now, a break down is possible.
Possible bounce targets displayed.
Things to look for:
How the market opens this week could really indicate the possibility of a trend reversal.
Volume spikes during sell-offs have usually led to lower prices as indicated by the circles on the chart.
Since we're already at the bottom trend line of the channel it'd be interesting to see whether price holds or not.
According to RSI&EMA indicator, RSI has gotten rejected from EMA twice already. A candle body close above $43 could indicate a low-risk trade to the upside.
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.