Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EOAN – Have We Seen The Bottom?

Published 04/20/2016, 08:02 AM
Updated 07/09/2023, 06:31 AM

Weekly chart:

This German value E.ON SE NA (DE:EONGn) has a long, long downtrend behind it, having come down from around €50. In the medium-trend size we are in the sixth movement arm, and it seems as though the price has found a bottom at €7. The currently visible correction move has the potential to run up into the red correction zone.
EOAN Weekly Chart

Daily chart:

In this trend size we see evidence of a bottom formation at approximately €7. The last downwards movement led the price down to €7.05, where it then corrected up into the red correction zone but was subsequently unable to continue the trend. On its way to the last point two, more than one attempt was interrupted and we now see an increasing price. In this case, we have to be careful with short trades.
EOAN Daily Chart

Hourly chart:

In this tradable trend size, the chart is offering us several trading chances. The current low in this downtrend lies at €7.82, and the correction zone runs between €8.95 and €9.71 on the upper side. The price has arrived in the correction zone at this time, and our DowHow signals are occurring. For a short trade it is slightly too early, because the current upward move is very strong. Have patience for a while, because the next DowHow signals are bound to occur.
EOAN Hourly Chart

For presentation purposes the trading software "AgenaTrader" has been used.

Disclaimer: Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer's investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk. Please refer to the current version of the Terms and Conditions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.