GREY:ENGFF - Post by User
Post by
zetaon Jun 04, 2008 7:27pm
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Post# 15146491
TA AND CHART FOR THURSDAY
TA AND CHART FOR THURSDAYHi - Not a bad day today. The candle today was a black spinning top and indicates indecision, lack of direction, sort of a neutral trading day. Notice that it held nicely above the strong bullish candle from yesterday -- this is important in that it indicates that the buyers were willing to sit back and let the sellers come to them -- it is a stall pattern, a day of rest, a day of cleaning up the market after the jump on Tuesday. I think today was the day to be buying and I was. I think the bulls have taken over the trading in ENG and they are just doing the cleanup before they run it back to $2 and then 2.50 - so, I call today a bullish confirmation of the bullish candle yesterday and anticipate a good move tomorrow or Friday. I do not think this is a sucker's rally and it certainly is not a dead cat bounce. A dead cat bounce comes after a sudden drastic drop in price on huge volume and a gap down - Look at the trading in ENG around April 14 -- that was a dead cat bounce. Anyway, I think this is a bottom reversal pattern and things should get better from here. I doubt we will see that low of $1.33 again. I will be looking for a move to 1.85 to 1.90 tomorrow. Good luck on this one - Here is the daily chart. Zeta
