Today we will analyze the stock Engex (EGX) for internet stock trading in the AMEX stock market,
Stock Technical indicators to notice in Engex (EGX)
1- Last bullish trend was from 2.81 $ (12/11/2009) to 3.07 $ (12/15/2009) a 0.26 $ move 2- The current bearish trend started from 3.07 $ at 12/15/2009 and is currently trading at 2.72 $.
3- EGX current support level is at 2.65 which is the 161.80 % fibonacci retracement of the last 0.26 $ move.
4- EGX current resistance level is at 2.74 which is the 127.20 % fibonacci retracement of the last 0.26 $ move.
5- According to ADX Indicator, the trend is currently strong bearish,which is becoming weaker.furthermore, the ADX indicator location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Engex (EGX) Short term stock chart patterns for internet stock trading :

6- The Stock was supported by a support line, identified by two points: 2.810 and 2.650 that was broken down at 2.800 transforming into a resistance line.
Engex (EGX) Mid term stock chart patterns for internet stock trading :

7- The Stock was supported by a support line, identified by two points: 2.810 and 2.650 that was broken down at 2.800 transforming into a resistance line.
Engex (EGX) Long term stock chart patterns for internet stock trading :

8- The Stock traded in a bearish stock channel identifed by support at 2.650 and 5.020,resistance between 3.070 and 5.540 which was broken up at 2.740 in higher than usual volume.

Stock Trading Conclusion:
Engex (EGX) was trading in a strong bearish wave, which is becoming weaker .
Technical indicators and stock chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles in online trading. .

Stock Resistance Levels : 2.74, 2.80, 2.81, 2.85, 2.89, 2.91, 2.94, 2.94, 2.96, 2.97, 3.01, 3.07,.
Stock Support levels : 2.65,.

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