Edenville – a false bullish breakout

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Edenville stock (LSE:EDL) has experienced what can best be called a false breakout.. The major bias is bearish, and thus, the current bullish breakout could end up being a temporary rally in the context of a downtrend.

Price is above the EMA 11 but it is yet to close above it. Should price close below it, the recent bearish bias on the market will be confirmed. Should price close below it, it would harbinger a clean bullish signal.

The Williams’ % Range period 20 is shooting upwards, but it is not yet in the overbought region.
The probability of the Williams” % Range period 20 going back into the oversold region is very high.

The outlook on Edenville remains bearish. The market would soon go southwards again, following the ongoing false bullish breakout.

 

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