- The stock has been in consolidation since May of last year.
- ENT stock price has seen some strength in recent times as the bulls are looking to reclaim the support level.
- RSI and MACD have done a bullish crossover.
Entain PLC (LON: ENT) stock price reached an all-time high of £2500 in October of 2021, catching the eyeballs of investors and analysts alike. However, the excitement did not last for long as the price started to decline rapidly.
Within six months, ENT’s stock price fell to £1121, marking a large drop from its previous high. The bulls tried to take control of the stock and pushed the price up to its 200 EMA at that time, which was at the level of £1737. However, the bears proved to be stronger once again which made the price go down yet again, breaking major support levels of £1487 and £1405 at that time.
Technical analysis and price prediction of ENT stock
Despite the efforts of the bulls, the ENT stock price continued to fall, reaching a low of £994 in July 2022. This was a significant drop from its previous high in September 2021, and it left many investors wondering whether it was the end of a bullish rally forever. Furthermore, since hitting its low point in July 2022, the stock has remained relatively stable. It has been trading sideways, with some uptrend and downtrend periods.
At present, the stock is at the level of £1173 and is trading near its immediate support zone of £1172. However, some bearish candles are seen in the ENT stock price. Meanwhile, the immediate resistance for the coin is at the level of £1405.
Past these levels, the 2nd support and resistance are at £1080 and £1487, respectively.
The indicators are showing slight strength in bullish investors
The exponential moving averages (EMAs) currently fall between the immediate pivot levels. In June of this year, the 50 EMA executed a bullish crossover with the 200 EMA. At present, the 200 EMA is positioned at £1312, while the 50 EMA stands at £1241.
Regarding the relative strength index (RSI), it currently registers at 42. It bounced back from oversold levels at 30. The RSI’s simple moving average (SMA) is at 33, following a bullish crossover in the RSI graph, indicating increased bullish strength.
As for the MACD indicator, it is on the verge of executing a bullish crossover with its EMA counterpart. Both the MACD line and its EMA are positioned below the neutral level of zero. The MACD line stands at -35, with its EMA at -36. This crossover holds potential for bullish investors.
Conclusion
The ENT stock price prediction will be bullish if the current strength in the bulls continues as the indicators are showing. However, if the price makes a trend reversal, it has to cross past both the 50 and 200 EMAs to reach its immediate resistance level of £1405.
Technical Levels
Support:£1172, £1080
Resistance: £1405, £1487
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.