The Setup (Bias): I am taking a LONG bias on Enlight Renewable Energy Ltd. (ENLT) on the weekly timeframe.
The "Why" (Technical Reasons): 1. Major Resistance Breakout: After a brief period of healthy consolidation, the price has cleanly sliced through the established resistance line at $79.30.
2. Macro Bullish Momentum: This breakout is part of a massive, sustained macro uptrend. The buyers are stepping in aggressively, printing full-bodied green weekly candles that show complete control and a high probability of trend continuation.
Trade Plan (Entry & Exits): * Entry: Momentum traders can enter near the current market price of $87.57 to ride the aggressive wave. A more conservative approach would be placing limit orders to catch a potential weekly pullback/retest of the $80.00 to $79.30 zone, looking for old resistance to act as new support.
Take Profit (Target): With the stock breaking higher with this much momentum, the next major psychological target is $100.00, followed by $110.00.
Stop Loss: Placed safely below the recent consolidation and the breakout origin, around $68.00. A weekly close below this level would indicate a structural failure and invalidate the immediate bullish thesis.
Duration: Because this analysis is built on a 1-Week chart, this is a longer-term swing trade designed to ride the trend over the coming weeks to months
The "Why" (Technical Reasons): 1. Major Resistance Breakout: After a brief period of healthy consolidation, the price has cleanly sliced through the established resistance line at $79.30.
2. Macro Bullish Momentum: This breakout is part of a massive, sustained macro uptrend. The buyers are stepping in aggressively, printing full-bodied green weekly candles that show complete control and a high probability of trend continuation.
Trade Plan (Entry & Exits): * Entry: Momentum traders can enter near the current market price of $87.57 to ride the aggressive wave. A more conservative approach would be placing limit orders to catch a potential weekly pullback/retest of the $80.00 to $79.30 zone, looking for old resistance to act as new support.
Take Profit (Target): With the stock breaking higher with this much momentum, the next major psychological target is $100.00, followed by $110.00.
Stop Loss: Placed safely below the recent consolidation and the breakout origin, around $68.00. A weekly close below this level would indicate a structural failure and invalidate the immediate bullish thesis.
Duration: Because this analysis is built on a 1-Week chart, this is a longer-term swing trade designed to ride the trend over the coming weeks to months
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.