Enerplus was noted to be on watch in NFTRH 467. Below is the weekly chart from the Global Stock Markets segment.
ERF is testing the breakout above the trend line and settling into a support area after stopping at the 2016 high, which we noted to be the gateway for this stock to go bullish (which would then load a target of around 18).
Assuming a positive view of the energy sector, conservative players can buy here with a tight stop loss below 9 or a more lenient one below 8.25, also as noted in #467.
Alternatively, anyone interested can just watch the stock to see how it does on this support test and take a little time to evaluate the energy sector as well. But as it stands now it’s a setup in the making.
The daily chart shows the SMA 50 a bit lower at 9.13. That can be hit with the stock still considered at initial support. The daily also shows the SMA 200 coinciding with strong support around 8.50. So a miserly buyer might hope for that level to be reached on the pullback.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.