Hi Kit, I will go with 48 immediate breakout target and 36 for breakdown although i like round numbers and previous supports/resistance eg, 50 and 35. Here is a daily chart and i've gone a bit overboard with lines but just showing what EGO tends to do although a little different now since MIN deal. Note that down trend line hitting that 26.5 (chart says 27) low and now that up trend line which shows that by about friday or monday something should happen else we fizzle out.
EGO trades pretty patchy so patterns aren't so clear but in this hourly chart you can definitely see the second flag forming but projecting a wave is difficult as i don't really see it - at best 32 to 44 so projected to say 56 i suppose.
I don't use RSI but a 10,3,3 slow stochastic (ss) and macd and what i meant before was the weekly ss is fast approaching oversold and chances are that this flag may fizzle out and drop if nothing happens soon. I know things can stay overbought/oversold but usually in trends, which i guess we are now but again something (buying or news) has to happen soon else could head back down with indicators turning down too so just going with the odds.
EGO Price at posting:
41.0¢ Sentiment: None Disclosure: Held
