Operating in Canada, United States, Brazil, Greenland, France and the Middle East, Independent oil & gas explorer and producer, EnCana, seems to be consolidating into a bearish Head & Shoulders top formation after rallying 60% since year-to-date. Strengthening stochastics indicate that price action may retrace back towards the 50-day moving average beneath the underside of the broken trendline where an entry to a short position may pose minimal risk. Stop loss: close above 50-day moving average.
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