Enova Mining - Charting/TA Thead - 3c target then 6.3c, page-2339

Are we closer to break out?

Yes, ENV has had very good last 3 days, or should I say 4, as it started on Friday. Very good volume, steady rise, should have been another one today, but couldn't make it in the closing auction. But still, in last 4 days has moved from 1.8 to 2.2 with a touch of 2.4.

What is the volume and steady rise indicating? It can be very speculative, and we all can have our own opinion. Some will get right and others wrong, first for direction (up/down) and second why? But its an interesting subject, and when the price is rising, as it is now for ENV, it can be fun as well.

So what's my theory? Last Friday I wrote - From today's trading, many may feel there is some unfinished business. There are still some sellers at 2. They have to be taken out. That will happen if 2.1 is taken out and making 2 support. The moment that happens, 2.5 comes into play. But we will only get out of this zone, if reach 2.8 to 3. So some work cut out. If it goes lower for some reason, let's hope 2 holds, if not 1.8. I feel, just looking at trading pattern, at this stage, odds of going towards 2.5 is better than going down, so let's see. So taking stock of it, we did it methodically last 3 days, moving to 2.1 making 2 support, moving to 2.2 and making 2.1 support, and today 2.2 support (should have finished at 2.3 - the theory would have looked so good, oh well, still a very good day). So overall moving in right direction, and not just running away without consolidation, otherwise drop can be big. Its consolidating and moving. So all good till now, but still unfinished business. First play and taking out of 2.5. Next, most important, reach 2.8 to 3. So still some work to do.

So what may happen now? Any news will take over price action. Any macro event including strong general market direction could effect us. Last Friday I wrote that odds of reaching 2.5 is good. We touched 2.4 today. Unless no other factor, on technicals, my feel is that a play around 2.5 may happen soon, may be even tomorrow, but what happens then is to be seen. Price action is very positive, but in the spec world, anything can happen and a big seller can douse the flame, so best to follow price action and dyor, check risk/reward. I am happy to hold (or even buy if it crosses 2.5 and gets towards 3). So lets see. Important couple of days coming. Could be very decisive for the upside. Lets hope it plays out that way. All the best.