So far this year, the first, second, and third attempts at breaching the 6.00 level failed. Could this be a bad omen for renewable energy generation company Energy Development Corp. (stock symbol: EDC)?
The third attempt, which happened on March, came the closest to the goal – 5.97 – but price quickly reversed. Bulls have never made another attempt since then… and that was 4 weeks ago!
More recently, the ascending trendline has been broken but price has been showing weak downside activity so far. A break of 6.00/5.00 would unlock further gains/losses.
The MACD Oscillator (MACD-O) has been bearish but is sticking close to the zero level.
TP’s Advice: Be careful of this stock.