Technical analysis by Aroundthesun about Symbol ENJ: Buy recommendation (12/28/2024)

Cup and Handle Pattern:The chart highlights a well-formed cup and handle:The cup phase is complete, with a rounded bottom structure that indicates accumulation.The handle phase is currently forming, showing a slight downward consolidation, typical of this bullish continuation pattern.Key Levels:Cup Rim Resistance: Around $0.34 - This is the breakout level for the pattern.Handle Support: Around $0.22 - This is the lower boundary of the handle.Key Support Levels:$0.22 (Handle Support).$0.1534 (Major Horizontal Support).Projected Target:Upon a breakout above $0.34, the target is calculated as the height of the cup ($0.34 - $0.1534 = $0.1866) added to the breakout point. This gives a target of approximately $0.5266.Indicators:MACD: Showing bearish momentum, but the histogram is flattening, suggesting a potential reversal soon.Volume Oscillator: Low volume during the handle phase, which aligns with the expected behavior of the pattern.MFI (Money Flow Index): At 18.99, MFI indicates an oversold condition, a bullish signal in the context of the handle.RSI: At 40.48, RSI is in a neutral zone, but it’s approaching levels that suggest potential upward movement.