EMA trade ideas
Stock to watch: Emera Inc (EMA)TSX:EMA
An interesting stock for a swing trade: Buy/Sell Zones puts the price in the green zone + we may see a compression towards 0 Fibonacci. Analyst expectations for this assets are quite low yet historically this led to an increase in price.
Short-term Long targets are 0 Fib: 57.17 and previous high: 60.94.
Long-term target is 1 Fibonacci.
Invalidation: going below 52.66 - 52.00 (previous low) and anchoring there.
Disclaimer: This article should not be considered as financial or investment advice. Trading digital assets involve risk and may resolve in the loss of your capital. Always be sure to understand the amount of risk involved and do your research before taking any trading/investment steps.
Emera - "Shifting" Support levelsAfter a Strong 'Bull Run' Emera gets its well deserved rest.
The price has formed a Triple Top pattern (Marked in Flags) which indicates a Selling Dominance. Also, the recent Candle patterns clearly suggest the presence of Selling
Coming to Trend lines, it's really a wonderful sight! The last Swing point of every Trend line, Neatly connects to the Next - like the Support level is being Transferred from one point to the other.
This indicates a Buying co-ordination from lower levels. In a setup like this, the Average of all the Trend lines could act as a Support, which comes around 56 level here.
But the Main Support is at 55 Level (Marked in Arrow). We could see that the price took One Whole month to break through this spot! So, when the price comes back down, we could expect a Halt in price drop.
The selling we see here is a good Short term price move, but it's too early to expect this price drop to topple the underlying Up trend.
Closed Emera (EMA) Swing Trade But Still Like the ChartEmera has been a strong performer, pushing higher throughout the broader market turmoil. The stock hit my target of $55.96 today so I closed out the position, but the chart is still looking good.
It broke out of a range today, on strong volume, indicating there could be another push to the upside. That provides a target of $58.50 to $59.
Earnings are due out on August 12, so that's another reason I am fine to step aside for now.
Disclosure: no current position, but may re-enter following earnings if the chart still sets up well.
