Trade Ideas: EFR

Market capitulation? Bullish divergences in money flow and a solid increase in volume. Time for the summer bounce? My Trade Ideas scan has not been short an idea or two. Over the last minute the following stocks have appeared: WXH, FPIC, FMD, PVTB, NU, FRT, VARI and MWIV. The chart I have gone for is the Eaton Vance Closed-End Bank Loan Fund, EFR.

Mini-congestion following the confirmation of a 2-month base, double bottom. Larger resistance overhead at $18.48. This pattern represents a consoliation handle from a double bottom $16.17/$16.07 seen on the weekly chart. Short term, look for challenge of $20. No overhead supply above $18.65. Dividend yield of 8.60%.

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