Technical Analysis of Financial Markets

Thursday, July 03, 2008

Eurasian Natural (UK:ENRC)

Eurasian Natural having rallied over 110% within a 7-month period has now broken support of the main trendline and is currently finding support at the 50% Fibonacci retracement of the rally. An entrance into a long position with stop-loss on close below the 50% Fibonacci retracement level at 1048 may serve as low-risk bounce trade from oversold conditions towards an initial target gain of 10% at 1168.

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