EDC – Bearish Breakdown From Descending Triangle

EDC has just broken down below the 5.90 descending triangle support level, confirming one of our scenarios on last Monday’s post about EDC. With this bearish breakdown, we can now expect EDC to try and test the support level and descending triangle price target at 5.30 towards the end of the year.

If you are holding stocks of Energy Development Corporation, it is better to exit this issue for now, and try to pick up EDC again if the 5.30 key support level holds. Additionally, the 5.60 level will also provide some support to this issue.

It’s been a good ride on EDC since early August, but at this point, it is better to stay out of EDC, until some sort of bullish technical signal emerge.