Technical analysis for EITA Stock based on Trend Analysis, Chart Pattern and VPA
1) In Monthly TF
- Overall trend still maintaining the long term UTL and has break the mid-term DTL indicate the end of mark down phase.
- Current price candle trend had retracement and rebound below Fibonacci 0.786 area implies a new trend is establishing itself. Latest price candle trend rebound and moves higher with upper wick accompany by increases volume.
- Latest OCT 21 monthly candle shows a long candle with long upper wick accompany by high volume signal strong selling pressure still occur in the market.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of mark down phase.
- Current price candle trend has rebound and moves higher accompany by decreases volume signal anomalies-lost of energy/momentum and price candle will unable to sustain move higher. Significance VAP in 1.00-1.05 area indicate this is strong selling pressure area-immediate resistance.
- Latest 1 NOV 21 Weekly candle show a Hammer candle with significant lower wick accompany by low volume-This is possibility Supply test candle with positive result-price may go higher to resistance area.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant to occur.
- Current daily price candle trend is retraced and move in short range accompany by low volume-congestion occur-possibly accumulation phase. Highest VAP in 1.005-1.015 area as strong resistance area.
- Latest 8 NOV 21 candle give a long bullish candle with short upper wick and long lower wick accompany by average volume indicate selling pressure still occur in the stock. If price moves higher will face more selling pressure. Price may move up and down within Pennant line to remove seller and build up the momentum.
1) In Monthly TF
- Overall trend still maintaining the long term UTL and has break the mid-term DTL indicate the end of mark down phase.
- Current price candle trend had retracement and rebound below Fibonacci 0.786 area implies a new trend is establishing itself. Latest price candle trend rebound and moves higher with upper wick accompany by increases volume.
- Latest OCT 21 monthly candle shows a long candle with long upper wick accompany by high volume signal strong selling pressure still occur in the market.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of mark down phase.
- Current price candle trend has rebound and moves higher accompany by decreases volume signal anomalies-lost of energy/momentum and price candle will unable to sustain move higher. Significance VAP in 1.00-1.05 area indicate this is strong selling pressure area-immediate resistance.
- Latest 1 NOV 21 Weekly candle show a Hammer candle with significant lower wick accompany by low volume-This is possibility Supply test candle with positive result-price may go higher to resistance area.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant to occur.
- Current daily price candle trend is retraced and move in short range accompany by low volume-congestion occur-possibly accumulation phase. Highest VAP in 1.005-1.015 area as strong resistance area.
- Latest 8 NOV 21 candle give a long bullish candle with short upper wick and long lower wick accompany by average volume indicate selling pressure still occur in the stock. If price moves higher will face more selling pressure. Price may move up and down within Pennant line to remove seller and build up the momentum.
Comment:
Price candle on 9/11/2021 has reached the immediate resistance zone and retrace in the next day. Its critical to observe the current prices action either retrace towards Support zone or creating new Support line.