Energulf Resources Inc. ENGFF

TA AND CHART FOR FRIDAY

[zeta]

Hi -- More of the same today but today the stock gapped down and showed little strength or action the rest of the day. It was even very difficult to try a day trade of any size - the market was just not there. I think we are in for more of the same tomorrow and a test of the 200 MA at 1.71 would not surprise me. I continue to suggest waiting for a reversal if you want to get back in or buy more - trying to catch the bottom on this one will be very difficult - so, don't try. I think we will see a blowout with heavy volume sometime soon, likely happening in the 1.71 to 1.50 range -- just a guess on my part, but the normal market action when the market makers want to shake every last person out of the stock. I guess it is a good story, but you are usually better off forgetting the story and take a look at what the stock is telling us - this is a serious downtrend with no end in sight - show me some serious buying and a nice reversal, with strong confirmation and I will be right at the front of the buyer's lineup -- but -- Eng is still not looking good and even the stochastic has turned down again - I did see a spark of bullishness on the 15 minute chart in the last hour of trading - the stochastic on that chart is very fast and it did show a bullish crossover and a bullish white hammer that bottomed at 1.85 and bounced right back - anyway, I would not touch this stock now until it breaks out above the previous day's high - 2.05 in this case and I would want confirmation with a follow up white bullish candle -- otherwise -- I will continue to watch and wait. I know many of you are very disappointed in ENG, but perhaps there is some hope if the drills get lucky - at the very least, any promoter worth his salt will have this stock moving on the drilling hype -- that is the rally I would like to trade. As for the drilling results, if they ever do come -- I don't trust them and will be well out of most of my position before the results are made public. Too many times you find that drill results - good or bad are met with a yawn and the stock tumbles anyway. Do I sound fed up ?? -- you bet I am!!! Good luck trading tomorrow. Here is the daily chart. Zeta