Engtex - Need strong momentum to for bullish sentimentY wave, target (E) within stipulated range.
Price just crossed Kijun-sen but still below Kumo indicating the bearish sentiment, though a potential reversal may be underway.
The Chikou Span is below the price and Kumo, signaling that the bearish momentum might still be in play.
After wave (C), the price has been consolidating. The recent upward momentum could push the price toward the Y wave target at (E).
R1 - 0.660
R2 - 0.670
S1 - 0.610
S2 - 0.600
A potential breakout above 0.640 could signal bullish momentum for a move toward the Y wave target at 0.660 to 0.670.
Given the price's position relative to the Kumo and resistance levels, a cautious bullish approach can be taken if the price breaks above 0.640. However, if the price fails to hold above the Kumo, the bearish sentiment may continue.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
ENGTEX trade ideas
ENGTEX: Possible Reversal setupQM reversal setup.
Price breaks previous LH 0.625, which is a reversal signal.
TP1 at HH setup 0.645.
TP2 at fibo 161 confluence supply zone 0.68-0.69.
Demand zone confluence with fibo 161 pullback zone.
Setup will be invalid if price breaks below 0.555.
Lets monitor closely!
*Personal opinion, trade at your own risk*
Engtex broke the weekly trendline and next will go...Engtex just broke from corrective wave (flat) in monthly chart.
Once first breakout and retracement done, next will wait for second breakout to the sky~
Is all about elliott wave analysis
✅ naked chart analysis, ❌ indicator
(Disclaimer: for demonstrate own planned trade records study only and education purpose, not for recommend to buy or sell. Trade at your own risk)
ENGTEX VCP SETUPENGTEX observed to have VCP development with setup below:
C1: ~32%
C2: ~18%
C3: ~9%
C4: ~6%
Today breakout with huge volume. Go go go!
Less than 7% risk.
Disclaimer:
The content provided is my personal experience sharing through technical and fundamental analysis point of view. The content can only be used for education purposes and NOT any recommendation for buying or selling stock. Please ask your remiser/dealer for making decision. Trade at Your Own Risk.
ENGTEX - Bullish Breakout/ Where's the Next Resistance?Laburlah Technical Coverage (18-MAY, Friday):
ENGTEX
Technical Analysis Breakdown
1. Trend: Bullish breakout
2. RSI & Stochastic: Bullish
3. MACD: Bullish
4. Resistance level: 1.23
5. Support level: 1.09
Disclaimer: The abovementioned is purely for sharing purpose, you should seek advice from relevant personnel and do your own analysis before making your move.
