Adding to Trading Buy position In ENRC @ 332p

We called a Trading Buy position on ENRC on 1 Oct @ 316p and introduced a flat stop at 316p a few days later to ensure we couldn’t lose on the trade. Here is the link explaining our Bull stance on the stock (page 25) – http://issuu.com/spreadbetmagazine/docs/spreadbet-magazine-v9_generic. With iron ore prices continuing to recover in recent weeks this also reaffirms our positivity.

Two charts below look extremely positive for the bulls now. The first is a 10 day chart that shows a clear flag break to the upside and that indicates a move to 345p in the days ahead, and the second chart shows the stock now probing the downtrend from Feb of this year. Only a sharp reversal back below 320p would negate our positive stance. Accordingly, we have increased our position today by 100%, adding at 332p.

Intraday chart

YTD chart