EDEN.N Daily Chart
This chart and analysis are not financial advice. Do your own research before trading or investing.
Bullish Observations:
Strong Price Surge: Recently, the price has surged to 14.5 LKR, up by +7.41%, indicating strong buying momentum. This price action broke above the 13.30-13.70 resistance (marked as S: 13.30-13.70), a bullish signal.
Golden Cross: We see the short-term moving averages (yellow and purple lines, likely 50-day and 100-day MAs) crossing above the longer-term blue moving average (probably the 200-day MA). This is often a "golden cross," signaling the start of a new uptrend.
Volume Spike: The large spike in volume recently indicates that the price movement has strong support from the market. High volume on a price rise is generally a positive signal, suggesting strong interest from buyers.
RSI Bullish Divergence: The RSI indicator has a bullish divergence. While the price was previously making lower lows, the RSI was making higher lows. This divergence often signals a potential trend reversal, which has already started to show up with the current price rise.
Fibonacci Levels: The price has broken above several key Fibonacci retracement levels (23.6%, 38.2%, and 50%), which adds to the bullish sentiment. If it continues, the next target could be 14.20-14.60 (the next resistance), followed by 15.20-15.50 at the 1.0 Fib extension.
Trendline Break: The stock has broken above a key downward trendline (TL #1), which indicates that the bearish pressure is subsiding, and a possible new uptrend is forming.
Potential Risks:
Overbought RSI: The RSI is nearing the overbought zone (currently at 78.84). An RSI above 70 can sometimes suggest the asset is overbought and may face a pullback or consolidation soon before continuing higher.
Resistance Ahead: The price faces significant resistance in the 14.20-14.60 zone. If the stock fails to break this level, it could trigger some profit-taking and lead to a minor pullback towards the support zone of 12.40-12.60.
False Breakout Risk: The recent breakout above the downtrend and Fibonacci levels needs sustained volume and buying pressure to confirm its strength. If the volume weakens, there’s a risk of a false breakout and the price returning to previous levels.
Bullish Observations:
Strong Price Surge: Recently, the price has surged to 14.5 LKR, up by +7.41%, indicating strong buying momentum. This price action broke above the 13.30-13.70 resistance (marked as S: 13.30-13.70), a bullish signal.
Golden Cross: We see the short-term moving averages (yellow and purple lines, likely 50-day and 100-day MAs) crossing above the longer-term blue moving average (probably the 200-day MA). This is often a "golden cross," signaling the start of a new uptrend.
Volume Spike: The large spike in volume recently indicates that the price movement has strong support from the market. High volume on a price rise is generally a positive signal, suggesting strong interest from buyers.
RSI Bullish Divergence: The RSI indicator has a bullish divergence. While the price was previously making lower lows, the RSI was making higher lows. This divergence often signals a potential trend reversal, which has already started to show up with the current price rise.
Fibonacci Levels: The price has broken above several key Fibonacci retracement levels (23.6%, 38.2%, and 50%), which adds to the bullish sentiment. If it continues, the next target could be 14.20-14.60 (the next resistance), followed by 15.20-15.50 at the 1.0 Fib extension.
Trendline Break: The stock has broken above a key downward trendline (TL #1), which indicates that the bearish pressure is subsiding, and a possible new uptrend is forming.
Potential Risks:
Overbought RSI: The RSI is nearing the overbought zone (currently at 78.84). An RSI above 70 can sometimes suggest the asset is overbought and may face a pullback or consolidation soon before continuing higher.
Resistance Ahead: The price faces significant resistance in the 14.20-14.60 zone. If the stock fails to break this level, it could trigger some profit-taking and lead to a minor pullback towards the support zone of 12.40-12.60.
False Breakout Risk: The recent breakout above the downtrend and Fibonacci levels needs sustained volume and buying pressure to confirm its strength. If the volume weakens, there’s a risk of a false breakout and the price returning to previous levels.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.