ESPR: 2nd Chance To Go Long ?
Updated
ESPR rallied 85% from its last consolidation to its near term high at $57.38.
Prices have since been in consolidation mode in the form of a expanded FLAT.
The consolidation appears to be completed.
A successful break to the upside could bring prices to a range between $82.24 (Fib Exp 1.5x) to $85.36 (Fib Exp 1.618x)
Break of Critical Support could imply any of the following possibilities:
(1) A much larger scale FLAT is forming where prices could likely find support between the range of $20 and $30.
(2) Prices are in an A-B-C correction and will break its Nov 2016 low of $9.40
Till then, the operative wave structure supports the bullish bias to break upwards from current price.
Prices have since been in consolidation mode in the form of a expanded FLAT.
The consolidation appears to be completed.
A successful break to the upside could bring prices to a range between $82.24 (Fib Exp 1.5x) to $85.36 (Fib Exp 1.618x)
Break of Critical Support could imply any of the following possibilities:
(1) A much larger scale FLAT is forming where prices could likely find support between the range of $20 and $30.
(2) Prices are in an A-B-C correction and will break its Nov 2016 low of $9.40
Till then, the operative wave structure supports the bullish bias to break upwards from current price.
Comment
Prices have reached a short term critical juncture.A break above $51.33 will increase the probability of the initial analysis.
On the other hand, a break of the short term critical low will imply the other alternative scenarios mentioned.
Comment
Prices have turned up from key support and is now testing its near term resistance.This is the 2nd time prices are testing this resistance.
Though not necessary, prices could consolidate for a short period before attempting a break above this resistance.
The momentum is still to the upside.
Comment
Prices have broken above the near term resistance turned support.Momentum is good but average breakout volume has taken the shine off the break up.
To sustain the upward momentum after breakout, volume will be critical.
Comment
Prices appear to be consolidating sideways around the $52 to $65 range.As long as prices do not break key support, we can expect more upside.
Trade closed: target reached
Consolidation appears complete. Trade at your own time and target.
Happy Trading.
Comment
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