Usually when I open a position after a GMMA crossover I prefer to sell 1/2 of my shares after a fixed 3,5% gain and let the other 1/2 go trying to follow the trend as long as possible with SL at break even or using a trailing count back line stop loss.
Entering at this prices SL could be placed under the confluence of MA 200 and MA 70 with some space for intraday price noise.
First quick target is resistance at 14.00, second target is resistance at 14.48-50 and then 2016 high at 14.90
*** trading ENI is never easy because of strong correlation with oil prices and news, so unfortunately things can change very quickly!
Eni blames the miss on lower oil prices and outages at its Val d'Agri operation in southern Italy, which left Q3 production flat at 1.71M boe/day despite increased output from some other operations.
Eni continues to struggle to make money from exploration and production, with the unit’s Q3 revenue declining 21% Y/Y.
The company expects FY 2016 production to be essentially in line with 2015 due to planned ramp-ups and start-ups of new fields, and confirms plans to cut costs by 20%.
Bad Q3 results drove Eni's price near our stop but luckily it hasn't been hit. Putting a SL below MA200 and MA70 alloeing some space for intraday fluctuations and noise has been a good idea and price then moved back to close again over the moving averages.