ENTG was strongly rejected from strong resistance shown on the chart !.
It more than likely has completed wave B of an ABC form of correction which means next down going wave ( Wave C) has been started.
Fibonacci levels and broken down trend line which now acts as resistance have been shown on the chart. This confluence possibly prevented up going counter trend correction ( labeled as wave B) from further progress.
Stochastic indicator has made a bearish reversal in overbought zone. Also, Stock lost last minor low (132.18) yesterday which was a confident sell point. These signs can make our analysis more robust.
Our target which can also be a possible buy point( position reversal) has been obtained based on down going parallel channel characteristics, Fibonacci levels of larger degree waves and static supports below labeled wave A. This support is shown on the chart by a green rectangle .
As stock passed a confident sell point traders can wait for a minor counter trend correction to open a short position or they can open it now . This is the matter of risk management but it is wise and a must thing to do to set a stop loss objectively and carefully. My suggested stop loss is top of labeled wave B.
Good luck my friends.
It more than likely has completed wave B of an ABC form of correction which means next down going wave ( Wave C) has been started.
Fibonacci levels and broken down trend line which now acts as resistance have been shown on the chart. This confluence possibly prevented up going counter trend correction ( labeled as wave B) from further progress.
Stochastic indicator has made a bearish reversal in overbought zone. Also, Stock lost last minor low (132.18) yesterday which was a confident sell point. These signs can make our analysis more robust.
Our target which can also be a possible buy point( position reversal) has been obtained based on down going parallel channel characteristics, Fibonacci levels of larger degree waves and static supports below labeled wave A. This support is shown on the chart by a green rectangle .
As stock passed a confident sell point traders can wait for a minor counter trend correction to open a short position or they can open it now . This is the matter of risk management but it is wise and a must thing to do to set a stop loss objectively and carefully. My suggested stop loss is top of labeled wave B.
Good luck my friends.
Comment:
It still goes down. Nice profit.
Comment:
Closed half of the position, Saved some profit and kept another half. I believe it goes further down in longer term.
Comment:
We were right about further going down and now getting more profit .
Comment:
It can go lower if it breaks base of down going channel .
Comment:
Enjoying kept another half of position. Knew that it is going lower when lost the supports.