ENGBTC - Bear Pendant Complete - Possible new Restraints
Updated
ENG has completed its signature bear pendant, and has now hit the bottom restraint identified in light blue.
Next test will be top restraint, which will test the strength of the bulls - if we return to the light blue line, this could indicate a reversal and an upward move over the next few hours.
However, a more consolidated uptrend below the previous lower restraint (dark blue) would indicate the trend would continue.
At this stage, I am neutral until the upper restraint is revealed - trending on 15 min graph primarily.
Next test will be top restraint, which will test the strength of the bulls - if we return to the light blue line, this could indicate a reversal and an upward move over the next few hours.
However, a more consolidated uptrend below the previous lower restraint (dark blue) would indicate the trend would continue.
At this stage, I am neutral until the upper restraint is revealed - trending on 15 min graph primarily.
Note
Double bounce off the bottom, bought in and ready to ride to the top. Interesting to see which resistance we hit
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