EDC has pulled back towards the 6.55 breakout point/support level in recent days, following its breakout move last April 7, establishing highs at the 6.8 levels. Although price actions has weakened, EDC has presented a buying opportunity to us at the 6.55 levels.
At this price, a tight cut limit can be set at 6.40, so risk in this particular issue is limited, while profit potential is good, and basically limitless once EDC breaks the 5.80 barrier, and enter uncharted territories and establish new all-time highs.
Another possible twist is that one can buy upon the break of the 5.80 with good volume, or average up if one already managed to get shares near the 6.55 support levels. Buy near support, buy on breakout, or buy near support add position on breakout, its up to you to decide.
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