ENJ price reverses from the 23.60% Fib level to continue the range below the 50% Fib level. Will the reversal rally cross the overhead Fibonacci resistance? ENJ shows a bullish reversal from the 23.60% Fibonacci level, slightly below the $0.50 psychological mark. The reversal rally prolongs the consolidation range below the 50% Fibonacci level at $0.57. Will the consolidation lead to a bullish breakout to the $0.68 mark? Key Points: The ENJ price trend shows a lateral trend below the 50-day EMA. The MACD indicator shows a bullish crossover signaling a buy signal. The intraday trading volume in ENJ is $31.58 million. Source – TradingView ENJ Technical Analysis The ENJ price shows a bullish reversal from the 23.60% Fibonacci level after the recent bearish phase. Moreover, the reversal rally accounts for a price jump of 12.25% over the last week and approaches the 50% Fibonacci level at $0.57. The increased intraday trading volume supports the bullish reversal raising the uptrend possibility. Furthermore, the uptrend may break above the resistance confluence of the 50-day EMA and 50% Fibonacci level. Additionally, the sideline buyers can expect the breakout rally to reach the overhead assistance of $78.60 Fibonacci level close to the $0.68 mark. On a negative note, a bullish failure will prolong the consolidation of ENJ prices between the $0.46 and $0.57 horizontal levels. Technical Indicators The daily RSI slope shows a bullish ...
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