Eni · Open buy, week 11
Eni gains 4.2% as the weekly close confirms a new 90-week high
Our view last week
Eni printed a new 90-day high this week, but the weekly close did not confirm it: the price added 0.4% and stayed below the old ceiling. It is the 2nd straight weekly gain after the bounce off the 20-day moving average, and Eni stock has had positive money flow for 10 weeks. The price action is still bullish, yet the ADX keeps falling, for 6 weeks now, and the trend is losing conviction. Among our weekly buy signals on European stocks, this swing trading setup ranks 3rd of 29.
This week's summary
Eni printed a new 90-week high and the weekly close confirmed it: the stock gained 4.2%, a week after its new 90-day high went unconfirmed. Eni stock has now risen for 3 weeks in a row, and the weekly MACD is back above its Signal line after 19 weeks below. Two cautions for this swing trading setup: the ADX has been falling for 7 weeks and weekly money flow has slipped below zero. Among our weekly buy signals on European stocks the trade ranks 3rd of 25, with earnings due on October 23.
IQS Phase
74
in tension
Signal Strength
79
high · wide move
Sizing
FULL
Ranking
#3 / 25
EU-UK stocks in progress
Trade P&L %
+9.80%
from signal to date, no stop loss
Rank position
ranks 3rd among the 25 Longs already running for European-UK stocks in our ranking, with a signal strength of 79 out of 100.
Sector context
SectorItalian
Benchmark ETFEXH1
Sector regimein strong phase
Performanceweekly +3.99% · monthly +3.40%
ENI belongs to the italian sector (reference ETF EXH1). The sector is classified in strong phase according to our weekly reading.
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