ENG Yet Again

i profiled ENG once when it was $5, and then again when it was $6.5. too bad for me, i never put money on it back then. now, at $8, i’m profiling it again.

ENG is holding tight at its 10-EMA right now. an entry here might be okay, but im hoping that it will retrace further so that i can enter at a less risky price.

take a look at the chart. if it can manage to fall through the 10-EMA, it will fall fast because of the "void of volume" traded at the range of prices. i’m hoping that it will quickly fall down closer to the 25-EMA, which is quickly rising to $7, my proposed entry point.

provided that theres no bad news, i think that a sub-$7 position should be safe because of the double support from the trendline below and the rising 25-EMA. i’m really thinking about just buying it now at $8, but i guess i’ll wait it out and see if i can get a safer entry. also, please email me or lv a comment if you have a hot stock pick that you wanna share. i need some ideas.

UPDATE: i just read on Roberto’s NasdaqTrader that crude oil is at an alltime high. could it have an effect on ENG? not sure, i’m still new to oil stocks.

-JW