Hold your fire! Do not buy thinking that you will get left behind.  This stock is just starting its short term uptrend. Wait for the price pullback and find support somewhere between our 61.8% and 78.6% fib levels, that’s 3 and 2.6 respectively.

EDC just bounced off the 50% fib. If the price doesn’t go below this level and starts to climb up, breaks the high at 4.5 then we missed it. We let it go and move on with our trading life.

If you’re still holding this stock at a profit, the range to watch out for is between 4 and 4.2. Consider taking profits at 4.2

Price Action:

It is obvious from the chart above that EDC is moving in a range or sideways. I do not recommend a buy or a sell as of the moment. Be patient and wait for signs of change of direction. A long solid candle accompanied by volume should be enough of a sign.

Recommendation: Wait.