ETC 4-Hr Nearing Bullish Trend Support, HUH?
Well if you're considering entering a swing trade we are nearing the trend channel support. If we can bounce off it in a continuation pattern there is some upside potential. It's a risky play because the upper channel only has two confirmed data points. If we drop out of the lower channel and land on the horizontal support level or lower as seen on the chart, I can see a possible entry at the levels indicated below.
Outlook: Short-Term Bullish. I am uncomfortable with ETC right now with good reason. My gut tells me to just stay away, but I have my alerts set and I might take a chance. There isn't enough meat on the bone to make this interesting to me. So, I am indifferent about this one, but definitely watching it!!!
Relevant support areas: Support on the 4-Hr $4.427 and at the .382 fib level at $4.306 -- Maybe if we can bounce off the lower trend support at $4.60 level, I may consider an entry, but I would need to squeeze $.85 cents out of this dog to get my 20 percent so and that would put me right on the, .786 fib level. Hmmmm???? Just thinking out loud. I dunno!!!!
If I enter, I'll report my stupidity or my genius to my updates as a record!
Good luck,
Biff
Outlook: Short-Term Bullish. I am uncomfortable with ETC right now with good reason. My gut tells me to just stay away, but I have my alerts set and I might take a chance. There isn't enough meat on the bone to make this interesting to me. So, I am indifferent about this one, but definitely watching it!!!
Relevant support areas: Support on the 4-Hr $4.427 and at the .382 fib level at $4.306 -- Maybe if we can bounce off the lower trend support at $4.60 level, I may consider an entry, but I would need to squeeze $.85 cents out of this dog to get my 20 percent so and that would put me right on the, .786 fib level. Hmmmm???? Just thinking out loud. I dunno!!!!
If I enter, I'll report my stupidity or my genius to my updates as a record!
Good luck,
Biff
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There is nothing here for me, for now!
