EDC - broke steep demand line to look for support

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EDC = 7 (2.8%)

EDC broke the steep demand line it formed to reach a new all time high to look for support. It may seen that it may have found it. It may seem it bounces from a support made by the recent gap up.

Applying fibonacci retracement, EDC has retraced to almost 50% of its recent rally or uptrend, which may not be a healthy correction.

32, 65, 130 MAs are all trying to track the steep climb of EDC.

Resistance: 7.8
Support: 6.9 (hopefully...)

Good luck to all EDC traders!

Note: if EDC forms a reversal pattern, hopefully a bullish engulfing it may be considered a buy...

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