chart, page-5

Ok folks here's the Daily and Weekly charts of ESG as of the close of today so that we can see where we are at. Remember that this is just a snapshot of where we are right now and where we have been it is NOT a prediction of where we are going, though we can look at the direction the indicators are pointing.

At the moment on the daily we have had a good strong move today, which has bought us up almost to the 21 day MA, this shouldn't provide a lot of resistance IMO but the 41 day might because it has in the past.

As you can see from the daily and the weekly we are trending down in a very uniform channel and price has bounced from the bottom resistance of this channel this week. Personally I think that point may well be the bottom. We have divergence on the MACD v Price and also a breakout on the RSI on the daily. There is also divergence on the Stoch on the weekly as well, both good signs at this juncture. Remember though that to consider this a trend change that channels upper boundary needs to be breached that is still a fair way off.

Looking good though at this stage but we need a couple more weeks to be sure. Aggresive traders will jump in next week whilst more conservative types will await confirmation and wait for price to breach the previous high of 81.5 and create a higher high and lower lows.

Buy the dips.

Cheers!!