Break above $7.58 hence scenario above is now unlikely. A couple...

First 17 Last

Share
Profile

Follow
Exised

6,110 Posts.

2820

22/12/23

10:25

Post #: 71585297
Share

Originally posted by Exised: ↑

@stayer
Get your mindset fixed and the shorts will actually be to your advantage. The problem is the current market mentality. Too many market participants are focused on the short term that they don't let their investment grow properly. Shorts are just taking advantage of this fact. You will too if you had to talent and capacity to do so. As posted in Post #:69913787. The human herd is getting dumber and dumber. This is the root of the problem. The herd has lost the ability to filter noise. Worse is the misinformation peddled online and interpreted in the the price action. Not to worry shorts will leave ELD soon enough... There is a point where it is no longer profitable.

In saying that. I must admit that my faith in the markets pricing mechanism was shaken in ELD. It is somewhat restored with the recent upswing on the back of the Full Year Results. Is ELD out of the woods yet. Probably not. I can't say it may not revisit $6. It probably will if it can't break above the $7.58 resistance (upper most red line) on this run. In that scenario ELD is looking at a very strong inverse H&S pattern as a bottom. Plenty of bots and shorts will be looking to fulfil the right hand shoulder of the pattern and it will be in the best interest of LT investor for such a solid bottom to materialise.

Within fundamental reason of course but once we see that higher low is the point I say; ELD out of the woods in this downturn.

Expand

Break above $7.58 hence scenario above is now unlikely. A couple of golden crosses on the EMA looks to be set on this run. Not looking overheated on the Stoch and RSI either. So probability of it challenging the next resistance at $8.35 is high.

ELD Price at posting: $7.77 Sentiment: Buy Disclosure: Held
8 Upvote

0 Great analysis

Reply