ERG - Daily - Technical analysis published on 02/09/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
67%
0%
33%
My opinion
Bearish under 29.24 EUR
My targets
27.58 EUR (-3.50%)
26.42 EUR (-7.56%)
My analysis
Has the basic bearish trend slowed or is it lacking in power? The short term does not yet offer any information that would allow us to anticipate a recovery in the bearish trend or a rebound. Sellers' generally have the upper hand, even if a small correction (not tradeable) on the resistance located at 29.24 EUR remains possible. It is advisable to trade ERG with the greatest caution, while favouring short positions (for sale) as long as the price remains well below 29.24 EUR. The next bearish objective for sellers is set at 27.58 EUR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 26.42 EUR. In case of crossing, the next objective would be the support located at 23.62 EUR. PS: if there is a bullish break in the resistance located at 29.24 EUR we suggest that you produce a new automated technical analysis. In fact, conditions should have changed. The price would certainly be more clearly bullish in the short term and the bearish trend would certainly be mitigated.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
0.4
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The ERG price is 28.58 EUR. The price registered a decrease of -0.07% on the session and was between 28.30 EUR and 28.72 EUR. This implies that the price is at +0.99% from its lowest and at -0.49% from its highest.28.30
28.72
28.58
The Central Gaps scanner detects a bullish opening. A small advantage for buyers in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of ERG in Daily shows an overall bearish trend. 71.43% of the signals given by moving averages are bearish. Caution: the neutral signals currently given by short-term moving averages show us that the global trend is losing momentum. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
An assessment of technical indicators shows a moderate bullish signal.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : Daily
Pivot points : price is over resistance 1
Type : Neutral
Timeframe : Weekly
Ichimoku - Bullish crossover : Tenkan & Kijun
Type : Bullish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows a result that can have an impact on the price change:
Near horizontal support
Type : Bullish
Timeframe : Daily
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 26.42 | 27.58 | 28.30 | 28.58 | 29.24 | 30.70 | 31.40 |
Change (%) | -7.56% | -3.50% | -0.98% | - | +2.31% | +7.42% | +9.87% |
Change | -2.16 | -1.00 | -0.28 | - | +0.66 | +2.12 | +2.82 |
Level | Major | Major | Minor | - | Intermediate | Minor | Major |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 27.95 | 28.21 | 28.41 | 28.67 | 28.87 | 29.13 | 29.33 |
Camarilla | 28.47 | 28.52 | 28.56 | 28.60 | 28.64 | 28.68 | 28.73 |
Woodie | 27.91 | 28.20 | 28.37 | 28.66 | 28.83 | 29.12 | 29.29 |
Fibonacci | 28.21 | 28.39 | 28.50 | 28.67 | 28.85 | 28.96 | 29.13 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 26.59 | 26.99 | 27.53 | 27.93 | 28.47 | 28.87 | 29.41 |
Camarilla | 27.80 | 27.89 | 27.97 | 28.06 | 28.15 | 28.23 | 28.32 |
Woodie | 26.65 | 27.03 | 27.59 | 27.97 | 28.53 | 28.91 | 29.47 |
Fibonacci | 26.99 | 27.35 | 27.57 | 27.93 | 28.29 | 28.51 | 28.87 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 24.19 | 25.71 | 26.69 | 28.21 | 29.19 | 30.71 | 31.69 |
Camarilla | 26.97 | 27.20 | 27.43 | 27.66 | 27.89 | 28.12 | 28.35 |
Woodie | 23.91 | 25.58 | 26.41 | 28.08 | 28.91 | 30.58 | 31.41 |
Fibonacci | 25.71 | 26.67 | 27.26 | 28.21 | 29.17 | 29.76 | 30.71 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
RSI (14): | 53.77 | |
MACD (12,26,9): | -0.0800 | |
Directional Movement: | 5.69 | |
AROON (14): | 42.86 | |
DEMA (21): | 28.05 | |
Parabolic SAR (0,02-0,02-0,2): | 27.56 | |
Elder Ray (13): | 0.28 | |
Super Trend (3,10): | 29.24 | |
Zig ZAG (10): | 28.52 | |
VORTEX (21): | 1.0800 | |
Stochastique (14,3,5): | 80.62 | |
TEMA (21): | 28.32 | |
Williams %R (14): | -27.27 | |
Chande Momentum Oscillator (20): | 0.72 | |
Repulse (5,40,3): | 0.8000 | |
ROCnROLL: | -1 | |
TRIX (15,9): | -0.1200 | |
Courbe Coppock: | 1.83 |
MA7: | 28.32 | |
MA20: | 28.11 | |
MA50: | 28.82 | |
MA100: | 29.47 | |
MAexp7: | 28.35 | |
MAexp20: | 28.25 | |
MAexp50: | 28.75 | |
MAexp100: | 29.43 | |
Price / MA7: | +0.92% | |
Price / MA20: | +1.67% | |
Price / MA50: | -0.83% | |
Price / MA100: | -3.02% | |
Price / MAexp7: | +0.81% | |
Price / MAexp20: | +1.17% | |
Price / MAexp50: | -0.59% | |
Price / MAexp100: | -2.89% |
Quotes :
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15 min delayed data
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Italy Stocks
News
The last news published on ERG at the time of the generation of this analysis was as follows:
This member declared not having a position on this financial instrument or a related financial instrument.
About author
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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