EPCL is a chemical company providing raw materials to many construction related indutries.
It has been in downtrend for very long. Recently it hit the low of 38.5 which is the lowest low so far. From this point it reversed and posted a high of 47.95, which is a significant gain. Than comes retracement which is a natural eventuality.
If we apply fib. retracement to this gain we realize that price, almost, retraced to the level of 0.38 which is a healthy sign and to day it has printed a green candle which may be a clue to reversal. the only caution to this scenario is the volume, which is lower than the 20sma.
Here it will be advisable to keep close monitoring of the security and we may use fib. level of 0.5 as support levels and conformation with high volume can trigger a buy call.
At 49.25 we have a resistance on the chart, when crossed shall lead to TP-2.
It has been in downtrend for very long. Recently it hit the low of 38.5 which is the lowest low so far. From this point it reversed and posted a high of 47.95, which is a significant gain. Than comes retracement which is a natural eventuality.
If we apply fib. retracement to this gain we realize that price, almost, retraced to the level of 0.38 which is a healthy sign and to day it has printed a green candle which may be a clue to reversal. the only caution to this scenario is the volume, which is lower than the 20sma.
Here it will be advisable to keep close monitoring of the security and we may use fib. level of 0.5 as support levels and conformation with high volume can trigger a buy call.
At 49.25 we have a resistance on the chart, when crossed shall lead to TP-2.