Long Ellies (ELI) @ R2.00
The share seems to have found a double bottom at the R1.75 level, and has since been moving higher on increasing volume.
Our Impulse system indicates we have a buy signal of short term momentum to follow.
The MACD has given us a higher low whilst the price has made the same low (Bullish Divergence).
The first target would be 50 EMA and previous resistance level at R2.35, with second target at R3.00
A trade below R2.05 with targets mentioned above, should be set with a stop loss at R1.90
This represents a reward/risk ratio of 3:1 to target 1, and 10:1 to target 2.