New Trade Suggestion
Enterologics Inc (OTCBB: ELGO)
• Alert Price: 0.48
• Sell Point: when you are comfortable with the gains
Technical Indicators
ELGO has just recently begun trading on the stock market, which is why I believe the technicals could be significantly undervalued at the moment because the investment community, simply put, has not yet noticed this company. "New Issues" as they are called, are always interesting plays and often create great opportunities for traders.
Several weeks ago, ELGO appreciated in value from 0.44 to 0.57 in just 2 days on extraordinary volume. Afterwards, as we can tell by looking at the chart, the valuation decreased back down to solid support levels at around 0.44.
In the past 2 days we have once again noticed an appreciation in market valuation on increasing volume. This is an extraordinary bullish indicator that shows us that there is support at each new trading level.
Moreover, ELGO has been closing the past few days at the high of the day. Remember, I told everyone that I needed to see how ELGO would close the day before I alert it. Well this is the reason. This is an ENORMOUS factor, in all regards.
With such factors, combined with an oversold RSI that is presently at 45 on the daily chart, we can see much more upside.
Another thing that I would like to note when it comes to the technical indicators is the fact that our next resistance point is at about 0.57 which gives ELGO almost 20% of EASY upward movement before we witness some consolidation.
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