To me, the Weekly Chart is key at this time.
The 5 most recent weeks have been in consolidation and accumulation IMO, with 3 out of 5 of high buying volume
Prior to that, the previous 6 week candles were resisting the 5 WMA on a clear down-trend
Now, the SP is above almost all major moving averages and each W candle has opened and closed within a fairly tight range
This week's candle low is sitting on the 5, 9 and 200 MA's, so IMO, solid support
This weeks buying volume was also the highest in 12 weeks........Why ???? Accumulation, News on the way?
The 20 WMA is the next MA to be taken out at 2.5
The MACD is rising and Stochastic is over-sold and now rising rising
Thursday and Friday were red days, IMO predominantly due to the S&P 500 dropping.
Prior to the S&P 500 falling, ENV had two consecutive weeks, testing the 20 WMA at then 2.5c
Last-night, the S&P 500 had a volatile session, but closed almost 1% higher on PCE Inflation report stamping a big bullish looking candle, closing back above the 20 DMA
IMO, this coming week will be a good week with more high buying volume and at least will re-test 2.5 IMO.
Would be good to see next Friday close on or above the 20 WMA which currently sits at 2.5
If, next Friday the SP closes on or above 2.5, then IMO, that would be extremely bullish.
DYOR.
