ENJ price reverses from the 23.60% Fib level to continue the range below the 50% Fib level. Will the reversal rally cross the overhead Fibonacci resistance? ENJ shows a bullish reversal from the 23.60% Fibonacci level, slightly below the $0.50 psychological mark. The reversal rally prolongs the consolidation range below the 50% Fibonacci level at $0.57. Will the consolidation lead to a bullish breakout to the $0.68 mark?
Key Points:
- The ENJ price trend shows a lateral trend below the 50-day EMA.
- The MACD indicator shows a bullish crossover signaling a buy signal.
- The intraday trading volume in ENJ is $31.58 million.
Source - TradingView
ENJ Technical Analysis
The ENJ price shows a bullish reversal from the 23.60% Fibonacci level after the recent bearish phase. Moreover, the reversal rally accounts for a price jump of 12.25% over the last week and approaches the 50% Fibonacci level at $0.57. The increased intraday trading volume supports the bullish reversal raising the uptrend possibility. Furthermore, the uptrend may break above the resistance confluence of the 50-day EMA and 50% Fibonacci level. Additionally, the sideline buyers can expect the breakout rally to reach the overhead assistance of $78.60 Fibonacci level close to the $0.68 mark. On a negative note, a bullish failure will prolong the consolidation of ENJ prices between the $0.46 and $0.57 horizontal levels.
Technical Indicators
The daily RSI slope shows a bullish reversal from the oversold boundary, crossing above the 14-day SMA and approaching the halfway line. Furthermore, the MACD indicator shows a bullish crossover in the fast and slow lines signaling a bullish entry opportunity as the buying pressure increases. Hence, the technical indicators maintain a positive outlook and expect the ENJ prices to exceed the $0.57 mark. Resistance levels- $0.57 and $0.68 Support levels- $0.46 and $0.37