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| Subject: Charting the 21 area. (twice 10.5) | |
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Author: ERG 12th June 2002 |
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Date Posted: 16:12:55 01/14/03 Tue ERG 12th June 2002 ------------------------------------------------------------ Just the ticket for ERG ------------------------------------------------------------ ERG'S rally is beginning to look better and better as price and volume patterns up hold the principles of a bullish price structure. ------------------------------------------------------------ This is a short term outlook only as evidence for the longer term will depend on how this potential base, breakout and rally unfolds. So far so good as ERG begins to develop an up trend, reversing above resistance at $0.30, and now holds above what has now become support at $0.30. ------------------------------------------------------------ ERG has also now started to trade above the moving average which is acting as support. Through the three lows we can now draw a short term trend line that shows support at 0.32. The next resistance is at $0.40, and then $0.55. ------------------------------------------------------------ A developing accumulation pattern heightens the prospects of a longer term base. Any low now below the short term trend line puts the accumulation pattern in play and for ERG to confirm the potential of a longer term base it must not make a new low below $0.21. While support currently at $0.30/32 holds that hopefully will not occur but it may end up being part of the base so be prepared. ------------------------------------------------------------ As strong volumes are pushing the price higher easily it appears that sellers have backed off under an improving fundamental outlook. Suddenly interest in the stock has returned and improved sentiment has been stirred again. The price now will search for more sellers by rising again. ------------------------------------------------------------ The Trend Intensity rating for ERG is at a maximum of +10 (scale +10/-10). This means all the indicators we use are are at maximum positive readings. The trend is up and the price is above the moving average. Volume is expanding nicely with the rallies and tailing off on the price contractions and the momentum indicator, MACD, is positively above zero and expanding upwards again. ------------------------------------------------------------ On a daily basis this makes ERG a Buy/Hold with protection for this rally in the $0.30/32 zone. ------------------------------------------------------------  [ Next Thread | Previous Thread | Next Message | Previous Message ] |