On Feb. 15 we recommended getting out of this stock at about a dollar or so above where it was then trading and certainly at the $35.50 double top level. Here is today’s chart;
Had you followed the recommendation, you would have potentially missed a single dollar! Since then it has struggled to get back up there but sofar without quite making it. If the fact that the stock is trading at about the same level when oil was at $147+, is not enough, consider that the past 6 months the stock has traced out a pretty clean wedge, diagonal, rising flag, or pennant. Not good.
Next we should get wave 3 down OR, if this all turns out to be just an A-B-C, a wave C. Either way back to 28 or lower. Enbridge falls in the same “too good to be true”category. Of course one of its main businesses is the distribution of natural gas .
